Bitcoin cash price failed to surpass the $430.00 resistance and declined recently. BCH could decline towards the $370.00 support area before a fresh bullish wave towards $420.00.
- Bitcoin cash price is currently declining and is trading below $400.00.
- BCH traded below a major contracting triangle with support near $404.00 on the 2-hours chart.
- The price could extend the current downside towards the $370.00 support or $340.00 pivot.
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Bitcoin Cash Price Analysis (BCH to USD)
This week, bitcoin cash price made a couple of attempts to gain momentum above the $420.00 and $430.00 levels. However, BCH bulls struggled, resulting in a bearish wave below the $410.00 and $400.00 support levels.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair spiked towards the $447.09 level and recently declined steadily below $420.00. There was a close below the $400.00 support and the 25 simple moving average (2-hours).
Moreover, the pair traded below a major contracting triangle with support near $404.00 on the same chart, opening the doors for more losses. Recently, it broke the 76.4% Fib retracement level of the upward move from the $381.79 low to $447.09 high.
It tested the $381.00 swing low and currently consolidating losses. An initial resistance on the upside is near the $400.00 level. However, the main resistance is near $408.00 and the 25 simple moving average (2-hours).
A successful close above the $410.00 level is needed for a fresh increase towards $430.00 and $445.00. On the downside, if there is a break below the $380.00 support, the price might test the $370.00 support area.
The 1.236 Fib extension level of the upward move from the $381.79 low to $447.09 high is also near the $366.40 level to act as a decent support. If the price continues to move down, it could test the main support near the $340.00 area.
More importantly, the 1.618 Fib extension level of the upward move from the $381.79 low to $447.09 high is at $341.00 to provide support. Overall, bitcoin cash might decline further, but BCH/USD is likely to bounce back from $370.00 or $340.00.
The market data is provided by TradingView, Coinbase.