Bitcoin Cash Price (BCH) Is Surging and Looks Set To Surpass $450
Recently, there was a strong upward move in bitcoin cash price above $400.00. BCH to USD is showing positive signs and it could continue to rise above the $450.00 and $460.00 levels.
Key Takeaways: BCH/USD
- Bitcoin cash price is trading in a solid uptrend above $400.00 and $420.00 against the US Dollar.
- BCH/USD is trading insider a breakout triangle with resistance near $444.50 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is also rising and it recently surpassed the $9,800 level.
Bitcoin Cash Price Analysis
This week, bitcoin cash price remained in an uptrend and surpassed the $375.00 and $380.00 barrier. It opened the doors for more gains and BCH to USD climbed above the $400.00 barrier.
Looking at the 2-hours chart, bitcoin cash even settled nicely above the $400.00 level and 50 simple moving average (2-hours, purple). Finally, it broke the $420.00 resistance area and traded to a new 2020 high at $447.84.
It is currently consolidating gains below the $448.00 and $450.00 resistance levels. More importantly, the price is trading insider a breakout triangle with resistance near $444.50 on the 2-hours chart.
On the upside, a clear break above the $445.00 and $450.00 levels could open the doors for a larger upward move in the coming sessions. The next major resistance is near the $460.00 level, above which the price may perhaps rise towards the $475.00 level.
On the downside, an initial support is near the $435.00 area. Besides, the 23.6% Fib retracement level of the recent rise from $372.32 to $447.84 is sitting near the $430.02 level.
The next major support is near the $410.00 level since it is close to the 50% Fib retracement level of the recent rise from $372.32 to $447.84. Any further losses might start a fresh decrease and downtrend in bitcoin cash below the $400.00 level.
Overall, BCH price is trading in a strong uptrend and it is likely to surge above the $450.00 and $460.00 levels in the coming sessions. The bulls may even target the $500.00 level.