Bitcoin Cash Price (BCH) Setting Up For Strong Rally


After a consolidation phase, bitcoin cash price started an upside correction above the $200.00 resistance area. BCH to USD is now trading nicely above $220.00 and likely setting up for a strong rally.

Key Takeaways: BCH/USD

  • Bitcoin cash price is gaining bullish momentum above the $214.50 and $220.00 resistance levels against the US Dollar.
  • BCH/USD is following a key ascending channel with support near $216.20 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is gaining pace and it is trading nicely above the $7,500 resistance area.

Bitcoin Cash Price Analysis

After diving to a new monthly low at $192.70, bitcoin cash started a decent recovery wave. BCH price climbed higher and traded above a couple of important resistances near the $202.50 and $208.00 levels.

Bitcoin Cash Price

Looking at the 2-hours chart, bitcoin cash even settled above the $214.50 resistance level and the 50 simple moving average (2-hours, purple). It opened the doors for more gains above the $220.00 resistance area.

The recent high was near $226.32 and the price is currently consolidating gains. An initial support is near the $221.00 level. It is close to the 23.6% Fib retracement level of the recent rise from $203.76 to $226.32.

On the upside, the price needs to climb above the recent high of $226.32 to continue higher. In the mentioned case, bitcoin cash price may perhaps rise towards the $235.00 and $238.00 resistance levels.

Any further gains could set the pace for a strong upward move towards the $245.00 level. On the downside, the price could correct further if it fails to stay above $221.00.

The next key support is near the $217.50 and $216.20 levels. Besides, it seems like the price is following a key ascending channel with support near $216.20 on the 2-hours chart.

Below the channel support, the price is likely to accelerate losses below the $210.00 and $205.00 levels. Overall, bitcoin cash price is showing a lot of positive signs above the $221.00 level and the 50 simple moving average (2-hours, purple). Therefore, there are high chances of more upsides above the $235.00 and $238.00 resistance levels.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$483.7499 change ~ -6.88%

Coin Market Cap

$9.03 Billion

24 Hour Volume

$457.44 Million

24 Hour VWAP

$503

24 Hour Change

$-33.28

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