EagleFX

Bitcoin cash price is showing a few positive signs above the $400.00 support area. BCH could continue to rise if it succeeds in clearing the $425.00 resistance area, while BTC is climbing higher.

  • There was a minor upward move in bitcoin cash above the $400.00 resistance area.
  • BCH surpassed a crucial contracting triangle resistance near $410.50 on the 2-hours chart.
  • The main resistance for a sustained upward move is near the $423.00-425.00 area.

Bitcoin Cash Price

Bitcoin Cash Price Analysis (BCH to USD)

After two attempts to clear the $380.00 support, BCH sellers gave up and the price started trading in a range. Recently, there was a minor upward move above the $400.00 resistance after BTC recovered above $11,200 and $11,400.

Bitcoin Cash Price Analysis (BCH to USD)

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair settled above the $400.00 resistance area and the 25 simple moving average (2-hours). There was a break above the 23.6% Fib retracement level of the last slide from the $450.32 high to $380.68 low.

It opened the doors for more gains above the $410.00 level. The price traded above a crucial contracting triangle resistance near $410.50 on the same chart.

However, it seems like the $415.00 level is acting as a decent resistance. It coincides with the 50% Fib retracement level of the last slide from the $450.32 high to $380.68 low.


Cryptorocket

The price is currently declining towards the broken triangle near $410.00, which may act as a support. If the price fails to stay above the $410.00 support, it could revisit the $400.00 handle.

On the upside, the main resistance is near the $423.00 and $425.00 levels. If there is an upside break above the $425.00 resistance, there could be more gains above the $430.00 and $435.00 levels. The next major barrier for the bulls could be near the $463.00 zone.

On the contrary, if bitcoin cash price struggled to climb above $415.00 or $425.00, it could decline below $400.00. However, a convincing break below the $380.00 support is needed for a major drop in BCH/USD towards $350.00 in the near term.

The market data is provided by TradingView, Coinbase.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on DemandSolutionNews.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply . //