After a strong upward move, bitcoin cash price formed a top near the $405.00 area. Recently, BCH to USD started a downside correction and it is now at a risk of more losses below $335.00.
Key Takeaways: BCH/USD
- Bitcoin cash price is slowly declining and it is now trading below the $350.00 support against the US Dollar.
- BCH/USD is struggling to stay above a major bullish trendline with support near $335.00 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is also sliding and it might soon break the $8,300 support area in the near term.
Bitcoin Cash Price Analysis
This week, bitcoin cash price started a downside correction from the $404.09 high. BCH price traded below many supports such as $380.00 and $365.00. Moreover, the bears were able to push the price below $350.00.
Looking at the 2-hours chart, bitcoin cash settled below the $350.00 level and 50 simple moving average (2-hours, purple). Finally, the price spiked below $330.00 and traded as low as $319.47.
It recovered a few points recently above the 23.6% Fib retracement level of the latest slide from $404.09 to $319.47. The price even climbed above $340.00, but it struggled to gain momentum above the $350.00 level and the 50 simple moving average (2-hours, purple).
It remained well below the 50% Fib retracement level of the latest slide from $404.09 to $319.47. At the moment, it seems like bitcoin cash price is struggling to stay above a major bullish trendline with support near $335.00 on the 2-hours chart.
If the price slides below the trend line support, it could revisit the $310.00 support level. Any further losses may perhaps start a major decline towards the $280.00 level in the near term.
Conversely, the price might start a fresh increase above the $340.00 and $350.00 resistance levels. A successful close above the $350.00 resistance area could encourage the bulls to push the price above the $365.00 and $370.00 levels.
Overall, the price is trading near a couple of key supports and it could either slide towards $300.00 and surge above $350.00.