Bitcoin cash price declined sharply today below the $300.00 support level. However, BCH is now approaching crucial supports and it could bounce back in the near term.

  • Bitcoin cash price declined sharply from the $312.11 swing high and broke $300.00.
  • BCH broke a connecting bullish trend line with support at $294.00 on the 2-hours chart.
  • The price is likely to find a strong buying interest near the $272.00 and $260.00 supports.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

Today, bitcoin price started a corrective decrease below the $5,500 support level. It increased bearish pressure on altcoins, resulting in a significant decline in bitcoin cash price below the $304.00, $300.00 and $296.00 support levels.

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 $312.11 and recently declined sharply below the $300.00 support plus the 25 simple moving average (2-hours).

Other altcoins also fell significantly between 5-12%, including Ethereum, ripple, litecoin, cardano, EOS, stellar, ICX, BNB and TRX. BCH declined more than 5% and broke the $296.00 and $288.00 support levels.

There was also a break below a connecting bullish trend line with support at $294.00 on the same chart. The price even broke the last swing low near $279.86 and tested the next key support at $272.00. It represents the 1.236 Fib extension level of the last wave from the $279.86 low to $312.11 high.

There was a decent buying interest near the $272.00 level and the price is currently consolidating losses. On the upside, an initial resistance is near the $285.00 and $287.00 levels. To move back in a positive zone, the price must clear the $300.00 resistance, two bearish trend lines on the same chart, and the 25 simple moving average (2-hours).

If the bulls struggle to push the price above the 25 simple moving average (2-hours) or the $287.00 resistance, there could be an extended drop in bitcoin cash. The next major support is near $260.00 and the 1.618 Fib extension level of the last wave from the $279.86 low to $312.11 high. As long as BCH is above $260.00 and $272.00, it is likely to bounce back in the near term.

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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