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.
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.