Bitcoin cash found support near the $270.00 level after a downside correction. BTC rallied recently to a new 2019 high, dragging BCH, ETH, XRP and other major altcoins higher.

  • Bitcoin cash price completed a downside correction near the $270.00 support.
  • BCH broke a major contracting triangle with resistance at $288.00 on the 2-hours chart.
  • The price is trading with a positive bias and it could rally above the $300.00 and $310.00 levels.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

After a strong rise, bitcoin cash price started a downside correction from the $310.25 high. It broke the $300.00 and $295.00 support levels, and recently found a solid buying interest near the $270.00 support. In the past three sessions, there were decent in BCH above the $275.00 and $280.00 levels.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair tested the 50% Fib retracement level of the upward move from the $227.47 low to $310.25 high. A fresh support base was formed near $270.00, resulting in a bullish wave above the $280.00 level.

In the past few hours, bitcoin price climbed towards $6,000 and Ethereum price rallied more than 10%. It helped bitcoin cash in recovering above the $285.00 level and the 25 simple moving average (30-minute).

There was a clear break above the $290.00 level, and the 50% Fib retracement level of the drop from the $310.25 high to $268.00 swing low.

Moreover, the price surpassed a major contracting triangle with resistance at $288.00 on the same chart. At the outset, the price is consolidating gains above the $290.00 level and the 25 simple moving average (30-minute).

The current price action is positive, suggesting more gains above $295.00 and $300.00 in the near term. A successful close above the $300.00 resistance will most likely set the pace for a break above the $310.25 high.

Overall, bitcoin cash price is currently consolidating above the key $290.00 and $285.00 supports. As long as BCH price is above the $275.00 pivot level, it is likely to trade to a new monthly high above $310.25 in the coming sessions.

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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