Bitcoin Cash Price AnalysisPrice Analysis

Bitcoin Cash Price Analysis: BCH Could Rally Again Above $500

Bitcoin cash price surged higher and traded above $500.00 before correcting gains. BCH is currently consolidating and seems to be preparing for the next break.

  • Bitcoin cash price traded to a new monthly high at $518.09 before correcting lower.
  • BCH is trading inside a contracting triangle with support at $462.00 on the 2-hours chart.
  • If there is a break above the $485.00 resistance, the price could start a fresh increase.

Bitcoin Cash Price

Read: Abra App Review

Bitcoin Cash Price Analysis (BCH to USD)

This past week, bitcoin cash price followed BTC’s rise and surged above the $475.00 and $490.00 resistance levels. BCH/USD even traded above the $500.00 level and formed a new monthly high at $518.09 before correcting lower.

Bitcoin Cash Price Analysis (BCH to USD) Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair started a major downside correction after it failed to clear the $520.00 level. It broke the $500.00 and $490.00 support levels.

During the decline, the price traded below the 23.6% Fib retracement level of the upward wave from the $405.17 low to $518.09 high. The decline was such that the price even spiked below the $480.00 support and the 25 simple moving average (2-hours).

However, the $460.00-462.00 support zone acted as a strong support. The 50% Fib retracement level of the upward wave from the $405.17 low to $518.09 high also acted as a support.

Moreover, there is a contracting triangle forming with support at $462.00 on the same chart. If there is a downside break below the $260.00 support, the price could extend losses towards the $440.00 trend support area.

Conversely, if there is an upside break above the $480.00 barrier, the price could start a fresh increase. An immediate resistance is near $490.00, above which the bulls are likely to take control.

A convincing follow through above $500.00 will most likely set the tone for a new high above the $520.00 level. Similarly, there are possibilities of more upsides in bitcoin, Ethereum and ripple in the coming sessions. BTC/USD could even climb above the $11.5K mark if it stays above the $10.0K support.

The market data is provided by TradingView, Coinbase.


Buy Crypto    Trade Crypto

eToro Risk Warning: 66% 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.


You have Successfully Subscribed!

Source: blockonomi.com
View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close