Bitcoin cash price declined heavily after BTC started a strong slide below $12,000. BCH price is down more than 20% and it recently broke a few important supports near $380.00 and $350.00.

  • There was a strong drop in bitcoin cash below the key $380.00 support area.
  • BCH traded below a major bullish trend line with support near $418.50 on the 2-hours chart.
  • The price traded close to the $310.00 level and it is currently correcting losses.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

Today, there was a sharp decline in bitcoin price and the crypto market cap. BTC broke the $12,000 support, resulting in heavy losses in BCH, Ethereum, ripple, EOS and BNB. BCH price declined more than $50.00 and broke many important supports such as $380.00 and $350.00.

Bitcoin Cash Price Analysis (BCH to USD)

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair topped near the $430.28 level and recently started a nasty drop. It traded below a major bullish trend line with support near $418.50 to open the gates for a bearish wave.

More importantly, there was a break below the key $380.00 support area, which sparked a sharp decline. The price declined more than $50.00 and settled below the 25 simple moving average (2-hours).


A new monthly low was formed near $311.87 and the price is currently correcting higher. It traded above the 23.6% Fib retracement level of the recent slide from the $430.28 high to $311.87 low.

However, there are many resistances on the upside near the $350.00 and $360.00 levels. The main resistance on the upside is near the $380.00 level (the previous support now a major hurdle).

An intermediate resistance could be $370.00 and the 50% Fib retracement level of the recent slide from the $430.28 high to $311.87 low. Therefore, an upside recovery towards the $370.00 and $380.00 levels is likely to face a strong selling interest.

On the downside, bitcoin cash price could find support near the $320.00 and $310.00 levels. If it fails to stay above the recent swing low near $310.00, there are chances of a downside break below the $300.00 handle in the near term.

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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