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.
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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.
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.