Bitcoin cash price started a major drop from the $350.00 resistance area. BCH broke the $255.00 support, but it is likely to find a strong buying interest near $210.00 or $200.00.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

In one of the previous analysis with the daily chart, we discussed the chances of bitcoin cash surging towards the $350.00 resistance area. BCH/USD did climb higher and tested the key technical resistance near $350.00, where sellers appeared.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the daily chart of BCH/USD, the pair traded as high as $352.92 and later started a downside correction. There was a break below the key $300.00 and $280.00 support levels.

Besides, the price broke the 50% Fib retracement level of the last major wave from the $150.74 low to $352.92 high. Recently, there was a strong decline in bitcoin price, sparking more downsides in bitcoin cash below the main $255.00 support area.

The price is now trading well below $255.00 and the 25-day simple moving average. An immediate support is near $227.00 and the 61.8% Fib retracement level of the last major wave from the $150.74 low to $352.92 high.

More importantly, there is a connecting bullish trend line in place with support near $215.00 on the same chart. The previous resistance zone is at $213.00, which is likely to act as a strong buy zone.

Therefore, if there is an extended decline below $227.00, the price is likely to find a strong buying interest near the $210.00-215.00 support zone. On the upside, the previous support area near the $255.00 level may now act as a resistance.

To start a fresh upward move, bitcoin cash price must move back above the $255.00 level and a key bearish trend line with resistance at $280.00 in the coming days.

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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