Bitcoin cash price rallied further above $440.00. BCH traded as high as $452.76 and recently started a downside correction. The price is likely to find strong bids near $365.00 or $335.00.
- Bitcoin cash price climbed higher towards $450.00 before starting a downside correction.
- BCH is trading above a key bullish trend line with support at $384.00 on the 2-hours chart.
- The price could extend the correction, but it is likely to find bids near $365.00 or $335.00.
Bitcoin Cash Price Analysis (BCH to USD)
This week, there was a strong upward move in bitcoin cash price above the $380.00 and $400.00 resistance levels. BCH gained bullish momentum and recently rallied above the $425.00 and $440.00 resistance levels.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair traded towards the $450.00 level and settled above the 25 simple moving average (2-hours). A new 2019 high was formed near $452.76 before the price started a downside correction. Similarly, there was a correction wave initiated in Ethereum, ripple and bitcoin.
There was a sharp decline below the $408.00 support level and the 50% Fib retracement level of the last wave from the $363.12 low to $452.76 high.
The decline even accelerated below $400.00 and the price tested the $384.00 support levels. Besides, the price is trading above a key bullish trend line with support at $384.00 on the same chart. It tested the 76.4% Fib retracement level of the last wave from the $363.12 low to $452.76 high.
If there is a downside break below the trend line support, the price may perhaps test the $370.00 support or the $363.12 swing low.
The next important support could be either $335.00 or the 1.236 Fib extension level of the last wave from the $363.12 low to $452.76 high at $341.97. Therefore, if there is an extended decline, bitcoin cash is likely to find strong bids near $365.00 or $335.00.
On the upside, an initial resistance is near the $400.00 and $408.00 levels. A clear break above the $408.00 pivot level could start a fresh increase in in BCH above $430.00. The next key resistances are near $445.00, $450.00 and $462.00.
The market data is provided by TradingView, Coinbase.
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