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Bitcoin cash price found support above $250.00 after a strong downside correction. BCH recovered recently and broke the key $280.00 and $294.00 resistance levels.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

This past week, we saw a strong downside correction in bitcoin cash price below the $300.00 and $280.00 support levels. BCH/USD even broke the $260.00 level and traded close to the $250.00 support area, where buyers emerged.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair traded as low as $254.33 before the price started a fresh upward move. There was a convincing rebounded above the $274.00 resistance and the 25 simple moving average (2-hours).

The price surpassed the 23.6% Fib retracement level of the downward move from the $353.32 high to $254.33 low. Moreover, the price climbed above a major bearish trend line with resistance at $292.00 on the same chart.


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There was even a break above the $300.00 level and the 50% Fib retracement level of the downward move from the $353.32 high to $254.33 low. However, the price failed to hold gains above the $300.00 level and recently corrected below the $298.00 level.

On the downside, there are many supports near the $294.00 and $290.00 levels. There is also a connecting bullish trend line formed with support at $288.50.

Therefore, if there is a downside correction in bitcoin cash, the price is likely to find support near $290.00. On the upside, a successful close above $300.00 and $308.00 is likely to open the doors for more upsides towards the $315.00 and $330.00 levels.

Overall, the market sentiment improved lately since BTC, bitcoin cash, Ethereum, ripple, cardano, tron, EOS and other major cryptocurrencies managed to rebound between 2-5%. In the short term, there could be a minor dip in BCH below $295.00, but it is likely to bounce back above $300.00.

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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