Bitcoin cash price recovered recently above $320.00 and $330.00. However, BCH is facing an uphill task and it could start a fresh decrease if it continues to struggle bear $335.00-340.00.

  • Bitcoin cash is facing a strong resistance near the $333.00, $335.00 and $340.00 levels.
  • A major bullish trend line is forming with support near $315.00 on the 2-hours chart.
  • A downside break below the trend line might start a fresh drop below $300.00.

Bitcoin Cash Price

Bitcoin Cash Price Analysis (BCH to USD)

After a strong drop, bitcoin price found support near the $255.00 level and recently started an upside correction along with BTC, Ethereum and ripple. BCH price broke the key $300.00 resistance to start a short term upside correction.

Bitcoin Cash Price Analysis (BCH to USD) Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair recovered slowly and steady above $280.00 and $300.00. It even broke the $320.00 resistance level and the 25 simple moving average (2-hours).

Finally, there was a break above $330.00, but the price struggled to gain momentum above $335.00. A swing high was formed near $344.32 and the price corrected lower.

It broke the $325.00 support plus the 50% Fib retracement level of the recent wave from the $296.75 low to $344.32 high. Moreover, there was a break below the $320.00 level plus the 25 simple moving average (2-hours).


However, the decline was protected by the $312.00 level and the 61.8% Fib retracement level of the recent drop from the $351.21 high to $256.79 low. Besides, there is a major bullish trend line forming with support near $315.00 on the same chart.

On the upside, there are many hurdles near the $333.00, $335.00 and $340.00 levels. A successful close $340.00 is needed for an upside acceleration in the coming sessions.

The next key resistance above $340.00 is near the $380.00 level. If the bulls continue to struggle below $340.00, there is a risk of a downside break below $315.00 and $310.00. In the mentioned bearish case, bitcoin cash price may even break the $296.00 swing low and test $280.00 level.

The market data is provided by TradingView, Coinbase.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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