Bitcoin Cash Price (BCH) Is Rising But Short Term Correction Possible


In the past few days, there were strong bullish moves in bitcoin cash price above $375.00. Recently, BCH to USD corrected lower, but dips remained well bid above the $376.00 and $370.00 support levels.

Key Takeaways: BCH/USD

  • Bitcoin cash price is trading in a strong uptrend above $370.00 and $360.00 against the US Dollar.
  • BCH/USD is following a nice bullish trend line with support near $380.00 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is also trading in a bullish zone above $9,250 and it could rally above $9,500.

Bitcoin Cash Price Analysis

This week, bitcoin cash price revisited the $400.00 resistance area. BCH price traded as high as $394.79 and recently corrected a few points. There was a downside break below the $388.00 and $385.00 levels.

Bitcoin Cash Price BCH

Looking at the 2-hours chart, bitcoin cash even spiked below the $$375.00 support, but it remained well above the 50 simple moving average (2-hours, purple).

Moreover, there was a break below the 50% Fib retracement level of the upward move from $259.95 low to $294.79 high. However, the bulls protected the $370.00 level and the price bounced back.

It seems like the 76.4% Fib retracement level of the upward move from $259.95 low to $294.79 high provided a strong support. More importantly, bitcoin cash price is following a nice bullish trend line with support near $380.00 on the 2-hours chart.

If there is a downside break below the trend line support and $375.00, the price could start a larger downside correction. An immediate support is near the $370.00 level and the 50 simple moving average (2-hours, purple).

Any further downsides might lead the price towards the $350.00 support area in the near term. Conversely, the price might continue to rise above the $390.00 and $395.00 levels.

The main resistance for bitcoin cash price is near the $400.00 area, above which the bulls are likely to aim a test of the $425.00 area in the coming sessions. An intermediate resistance is near the $415.00 level.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$1,253.0384 change ~ -16.84%

Coin Market Cap

$23.48 Billion

24 Hour Volume

$2.55 Billion

24 Hour VWAP

$1.39 K

24 Hour Change

$-210.99

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