In the past few days, bitcoin cash price gathered bullish momentum above $400.00 and $450.00. BCH to USD traded to a new 2020 high at $485.94 and it is currently correcting lower.
Key Takeaways: BCH/USD
- Bitcoin cash price is currently correcting lower below the $470.00 support against the US Dollar.
- BCH/USD is likely to find support near $452.00 or a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is also currently correcting lower from the new 2020 high at $10,460.
Bitcoin Cash Price Analysis
This week, bitcoin cash price followed a strong bullish path above the $420.00 resistance area. The upward move was such that BCH to USD even broke the $450.00 resistance area.
Looking at the 2-hours chart, bitcoin cash even settled nicely above the $450.00 level and 50 simple moving average (2-hours, purple). Recently, it climbed above the $475.00 and $480.00 levels.
A new 2020 high is formed near $485.994 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent wave from $439.61 to $485.94. Bitcoin cash even broke the $465.00 support.
It is currently testing the $460.00 support, the 50 simple moving average (2-hours, purple), and the 50% Fib retracement level of the recent wave from $439.61 to $485.94.
Besides, the price is likely to find support near $452.00 or a bullish trend line on the 2-hours chart. Therefore, dips towards the $455.00 and $452.00 levels could find a strong buying interest.
Any further losses may perhaps lead the price towards the $428.00 support area. On the upside, an initial resistance is near the $472.00 area. The main resistance is near the $482.00 and $485.00 levels, above which the bulls could aim a break of $500.00.
Overall, bitcoin cash price is showing a lot of positive signs above the $452.00 support area. In the short term, there could be a downside extension and range moves, but the price is likely to continue higher above the $475.00 and $480.00 levels in the near term.