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 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.
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.
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.
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