More

    Bitcoin Cash Price (BCH) Eyeing Upside Break above $230

    Recently, there was an upside correction in bitcoin cash above the $200.00 resistance area. BCH to USD is currently consolidating gains and it could attempt more gains above $230.00 and $240.00.

    Key Takeaways: BCH/USD

    • Bitcoin cash price is showing a few bullish signs above $200.00 against the US Dollar.
    • BCH/USD is following a strong bullish trend line with support at $217.10 on the 2-hours chart (data feed from Bitstamp).
    • Bitcoin is currently consolidating gains above the $6,500 and $6,560 levels.

    Bitcoin Cash Price Analysis

    This week, there was a decent recovery wave in BTC, bitcoin cash price, ethereum and XRP. BCH/USD remained well bid and it climbed above the $200.00 resistance to move into a positive zone.

    Bitcoin Cash Price Analysis

    Looking at the 2-hours chart, bitcoin cash price even broke the $210.00 resistance area and settled above the 50 simple moving average (2-hours, purple). It traded as high as $231.11 before starting a downside correction.

    There was a break below the $225.00 level and the 23.6% Fib retracement level of the upward move from $197.11 to $231.11. However, the price remained well bid above the $214.00 and $215.00 levels.

    More importantly, bitcoin cash price is following a strong bullish trend line with support at $217.10 on the same chart. The 50% Fib retracement level of the upward move from $197.11 to $231.11 is also acting as a support.

    It seems like the price is holding the $220.00 area and the 50 simple moving average (2-hours, purple). If there is a downside break below the $220.00 and $217.00 levels, the price is likely to accelerate lower in the near term.

    The next major support is seen near the $200.00 area. Conversely, bitcoin cash price could continue to rise and it could attempt an upside break above the $230.00 and $231.00 levels. If there is a clear break above $231.00, the next stop for the bulls could be near the $245.80 level.

    Any further gains may perhaps lead BCH price towards the $255.00 and $260.00 levels in the near term. Overall, the current price action is positive and BCH might rise towards $255.00.

    Live Bitcoin Cash (BCH) Price:

    1 BCH/USD =$226.1778 change ~ 3.00%

    Coin Market Cap

    $4.15 Billion

    24 Hour Volume

    $266.89 Million

    24 Hour VWAP

    $218

    24 Hour Change

    $6.7921

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,354FansLike
    2,774FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Crypto Exchange Binance Looks To Join Houbi, OKEx In Launching A Mining Pool

    Top crypto exchange Binance has plans to launch its own mining pool, according to a Russian crypto news outlet Coinlife on Tuesday. The news was...

    Coinbase Custody Moves Tezos (XTZ) Staking Bakery From US to Ireland For Regulatory Reasons

    Coinbase has managed to move the Tezos Staking Bakery, the largest validator since its launch in 2019 which the exchange has been operating since...

    BitMEX’s Operator HDR Global Grants $100k Towards Bitcoin Core Development

    BitMEX’s parent company HDR Global Trading Limited has awarded $100k to the Bitcoin core developer Michael Ford. This will be the second grant towards...

    Bitcoin, Ethereum, DogeCoin, Lightning Network's Code to be Buried Under Arctic Ice

    The Bitcoin codebase snapshot will be encoded onto film and afterwards be stored for 1,000 years under ice, in Svalbard, Norway. The move is included...

    Huobi Wallet to Integrate Crypto Lender Cred Allowing Users To Earn Interest

    The crypto exchange offering wallet services Huobi has closed a partnership with the decentralized crypto lending company Cred in order to offer user's interest...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.