Bitcoin Cash Price (BCH) Turns Buy On Dips, $332 Holds Key
Recently, bitcoin cash price gained bullish momentum and climbed above $325.00 and $330.00. BCH to USD turned buy on dips and it is likely to accelerate higher above $350.00.
Key Takeaways: BCH/USD
- Bitcoin cash price is showing a lot of positive signs above $332.00 against the US Dollar.
- BCH/USD surged above the key $324.00 resistance and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is now trading above $9,050 and it could rise further above the $340.00 resistance area.
Bitcoin Cash Price Analysis
This week, there was a steady rise in bitcoin cash price above the $315.00 and $320.00 levels. BCH/USD even broke the $332.50 resistance area to enter into a positive zone.
Looking at the 2-hours chart, bitcoin cash price gained pace after it settled above $332.50 and the 50 simple moving average (2-hours, purple). More importantly, there was a break above a key bearish trend line at $324.00.
The price extended gains above the $344.00 and $350.00 levels. A high is formed near the $352.83 level and the price is currently correcting lower. It is trading below the 23.6% Fib retracement level of the upward move from $332.61 to $352.83.
An initial support on the downside is near the $343.20 level. Besides, the 50% Fib retracement level of the upward move from $332.61 to $352.83 is near the $342.72 level to act as a strong support.
If there are more downsides, bitcoin cash price could revisit the $332.00 support level. The 50 simple moving average (2-hours, purple) is also positioned near the $332.00 area to provide support.
Any further losses may perhaps push the price back into a bearish zone towards $315.00. Conversely, the price might start a steady increase above the $348.00 and $352.00 levels.
The first major resistance is near the $355.00 level, above which there are high chances of a rally above the $362.00 and $365.00 levels. In the mentioned case, the next stop for bitcoin cash bulls is near the $370.00 level.