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Bitcoin cash price rebounded nicely and traded above the $388.00 and $400.00 levels. BCH towards the $430.00 level and it is currently correcting lower. Dips remain supported near $385.00 and $374.00.

  • Bitcoin cash price traded as high as $434.43 and recently corrected lower.
  • BCH is trading inside a major contracting triangle with support near $380.00 on the 2-hours chart.
  • The price could either climb back above $410.00 or break below $380.00 for further declines.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

After testing the $335.00 support area, bitcoin cash price started a solid upward move. BCH climbed above the $374.00, $388.00 and $400.00 resistance levels. It traded as high as $434.43 before starting a fresh downside correction.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair clearly struggled near the $430.00 resistance area and it is currently moving lower. It broke the $410.00 support level and the 23.6% Fib retracement level of the recent wave from the $337.13 swing low to $434.43 high.

On the downside, there is a strong support forming near the $380.00 and $385.00 levels. There is also a major contracting triangle in place with support near $380.00 on the same chart.


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Moreover, the 50% Fib retracement level of the recent wave from the $337.13 swing low to $434.43 high is also near the triangle support to hold losses.

If bitcoin cash price fails to stay above the triangle support and $380.00, there is a risk of a fresh decline towards the $360.00 or $350.00 support levels. Conversely, if the price stays above the $380.00 support, it could bounce back.

On the upside, an initial resistance is near $410.00, above which the price might attempt to climb above the triangle resistance at $424.00. Having said that, a convincing break above the $430.00 barrier is must for uptrend continuation.

Overall, bitcoin cash is approaching the key support area at $380.00 and it could either bounce back or continue lower towards the $360.00 support. The main support in the mentioned bearish scenario is at $340.00, below which BCH might move into a negative zone.

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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One Comment

  1. Avatar
    Prashant JaiswalMay 22, 2019 at 3:18 am

    This is near unintelligible for the uninitiated. More common English please?

    Reply

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