Bitcoin cash price corrected lower after rallying towards $390.00. BCH tested the $330.00 support, bounced back, and it seems to be setting up for a larger upward move.

  • Bitcoin cash price started a downside correction after trading as high as $388.00.
  • BCH recently broke a contracting triangle with resistance at $361.00 on the 2-hours chart.
  • The price is gaining momentum and it is likely to grind higher towards $380.00 or even $400.00.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

This past week, bitcoin cash price was benefited from the sharp upward move in bitcoin above $7,000. BCH/USD surged above the $300.00 and $310.00 resistance levels to start a strong rally. The price climbed above the $340.00 and $360.00 resistance levels to trade to a new 2019 high.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair traded close to the $390.00 level and settled well above the 25 simple moving average (2-hours). A swing high was formed near $388.00 and recently the price corrected lower.

It declined below the $360.00 support level and the $350.00 pivot.  The price tested the $330.00 level and later started trading in a broad range. A swing low was formed at $332.69 and recently the price climbed above the $350.00 level.

It pierced the 50% Fib retracement level of the last drop from the $381.76 high to $332.69 swing low. It opened the doors for more gains above the $360.00 level.

More importantly, there was a clear break above a contracting triangle with resistance at $361.00 on the same chart. The price is now trading above the 61.8% Fib retracement level of the last drop from the $381.76 high to $332.69 swing low.

These all are positive signs and suggests more gains above the $370.00 and $380.00 levels for investors. If the market sentiment remains in favor of the bulls and bitcoin price keeps rising, BCH could even surge above the $390.00 and $400.00 levels in the coming sessions.

On the downside, the main support is at $350.00 and the 25 simple moving average (2-hours), below which bitcoin cash price might test the $330.00 support again.

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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