Bitcoin cash price failed to break the $450.00 resistance and declined recently below $425.00. BCH is currently correcting higher, but gains are likely to be contained.

  • Bitcoin cash price declined heavily below the $425.00 and $400.00 support levels.
  • BCH broke a major bullish trend line with support near $434.00 on the 2-hours chart.
  • If there is a recovery, the price is likely to face sellers near $414.00 or $430.00.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

There was a steady rise in bitcoin cash price above the $420.00 and $440.00 levels. However, BCH/USD failed to gain momentum above the $450.00 level. As a result, there was a sharp decline below $420.00 and $400.00. Similarly, there were sharp losses in bitcoin, Ethereum, ripple, and ADA.

Bitcoin Cash Price Analysis (BCH to USD)

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair formed a swing high at $453.00 and recently declined heavily. It even broke the $420.00 and $400.00 support levels. Besides, there was a close below the $415.00 level and the 25 simple moving average (2-hours).

During the decline, the price broke a major bullish trend line with support near $434.00 on the same chart. The price even traded below the $380.00 level and a new weekly low was formed at $375.00.

The price is currently correcting higher above $390.00 and the 23.6% Fib retracement level of the recent drop from the $453.01 high to $375.01 low.

On the upside, there are many resistances near the $425.00 and $430.00 levels. The 50% Fib retracement level of the recent drop from the $453.01 high to $375.01 low is also near the $415.00 zone to act as a hurdle.

The main resistance is near the $420.00 level and the 25 SMA. There is also a bearish trend line forming on the same chart with current resistance near $430.00.

Therefore, if there is an upside correction in bitcoin cash, the bulls are likely to struggle near $420.00 or $430.00. Only a close above the $430.00 level and the 25 SMA could start a strong upward move 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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