Bitcoin Cash Price (BCH) Primed For Upside Acceleration

After a strong rally, bitcoin cash price corrected lower below the $290.00 level. BCH to USD is currently consolidating and it is likely to accelerate higher.

Key Takeaways: BCH/USD

  • Bitcoin cash price is showing a lot of positive signs above the $282.00 support against the US Dollar.
  • BCH/USD is facing resistance near $293.00 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is slowly moving higher and it is now trading above the $9,220 resistance area.

Bitcoin Cash Price Analysis

In the past few days, bitcoin cash traded with mostly bullish bias above the $270.00 and $272.00 support levels. BCH price climbed higher nicely above the $282.00 and $290.00 resistance levels.

Bitcoin Cash Price Analysis

Looking at the 2-hours chart, bitcoin cash even settled above the $282.00 level and the 50 simple moving average (2-hours, purple). Moreover, the price rallied above the $300.00 level and traded to a new multi-week high near $304.28.

Later, there was a downside correction below the $300.00 and $294.00 levels. The price even traded below the $290.00 levels, but the $282.00 support area acted as a solid buy zone along with the 50 simple moving average (2-hours, purple).

A low was formed near $282.39 and the price recovered above $285.00. At the moment, the price is consolidating above $285.00 and the 50 simple moving average (2-hours, purple). It surpassed the 23.6% Fib retracement level of the slide from $30.428 to $282.39.

An immediate resistance for bitcoin cash is near $293.00 and a contracting triangle on the same chart. It coincides with the 50% Fib retracement level of the slide from $30.428 to $282.39.

Therefore, an upside break above the $294.00 and $295.00 levels could set the pace for more upsides in the near term. The next key resistances are near the $300.00 and $308.00 levels.

On the downside, the main support for bitcoin cash price is near the $282.00 level and the 50 SMA. If there is a successful close below $282.00 and $280.00, the price could accelerate its decline towards the $272.00 support.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$222.2189 change ~ 0.02%

Coin Market Cap

$4.1 Billion

24 Hour Volume

$131.43 Million

24 Hour VWAP

$222

24 Hour Change

$0.0335

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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

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