Bitcoin cash price topped near the $350.00 level and declined recently. Bitcoin (BTC) dived to $5,000 recently, dragging BCH below the $300.00 and $280.00 support levels. Going forward, can buyers protect the $250.00 support?

  • Bitcoin cash price failed near a major technical resistance at $350.00-354.00.
  • BCH traded below a crucial contracting triangle with support at $300.00 on the 2-hours chart.
  • The price declined sharply and tested the $250.00 support, where buyers emerged.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

Earlier this month, we saw a sharp rise in bitcoin cash price above the $300.00 resistance against the US Dollar. BCH/USD even broke the $320.00 level and tested the main technical resistance at $350.00-354.00, where sellers emerged.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair started a sharp downside correction below the $320.00 and $300.00 levels. There was a break below the $295.00 support as well along with the 25 simple moving average (2-hours).

The price even broke the 23.6% Fib retracement level of the last wave from the $167.63 low to $354.74 high. More importantly, there was a break below a crucial contracting triangle with support at $300.00 on the same chart.


It opened the doors for more losses and the recent decline in bitcoin price below $5,100 dragged altcoins such as Ethereum, ripple, litecoin, cardano, BNB, EOS and others. Bitcoin cash is down more than 10% and it even broke the $280.00 support.

It tested the $250.00 support and the 50% Fib retracement level of the last wave from the $167.63 low to $354.74 high, where bulls emerged. The price is currently consolidating losses and it seems like it could recover above the $270.00 level in the near term.

However, the previous support near $290.00, 300.00, and the 25 simple moving average (2-hours) are likely to act as strong resistances for bulls. Therefore, there is a risk of downside continuation below the $250.00 support. The next major support is at $239.00 (the 61.8% Fib level), where there could be a strong buying interest and the price is likely to bounce back.

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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