Bitcoin Cash Price (BCH) Remains Supported For Run To $500

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.

Bitcoin Cash Price

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.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$321.5987 change ~ 10.42%

Coin Market Cap

$5.94 Billion

24 Hour Volume

$769.08 Million

24 Hour VWAP

$312

24 Hour Change

$33.5025

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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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