Bitcoin cash price started a downside correction from the $330.00 swing high. BCH is likely to bounce back sharply from the $272.00 or $262.00 support zone.

  • Bitcoin cash price corrected lower below the $310.00 and $300.00 support levels.
  • BCH is following a declining channel with resistance at $295.00 on the 2-hours chart.
  • The price must clear the $295.00 and $300.00 resistance to jump back towards $330.00.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

This past week, there was a strong bounce from the $260.00 support in bitcoin cash price. BCH/USD climbed above the $300.00 and $320.00 resistance levels before it ran into a crucial resistance near the $330.00 level.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair traded as high as $334.83 and recently started a downside correction. It broke the $310.00 support and the 25 simple moving average (2-hours).

There was a break below the $300.00 support and the 50% Fib retracement level of the last wave from the $253.02 low to $334.83 high. The price recently tested the $280.00 support levels, where buyers were able to protect further losses.

The 61.8% Fib retracement level of the last wave from the $253.02 low to $334.83 high also acted as a decent support. At the moment, the price seems to be following a declining channel with resistance at $295.00 on the same chart.

A break above the channel resistance and $300.00 is must to start a fresh upward move. An immediate resistance above $300.00 and $310.00, above which the price is likely to surge towards the key $330.00 and $335.00 resistance levels.

Bitcoin price also corrected lower recently, but it remained above the key uptrend support and rebounded above $5,250. Similarly, Ethereum, ripple, cardano, tron, EOS and other major cryptocurrencies are trading with a positive bias.

Overall, bitcoin cash might extend the current downside correction, but the bulls are likely to defend the $280.00 or $272.00 support level in the coming sessions. Any further losses might push BCH price back towards the range support near $260.00.

The market data is provided by TradingView, Coinbase.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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