Read the success stories of crypto entrepreneurs.

Discussions are fun when we are part of a community.
Login Free Registration

Get 10 AltcoinN Points just by registering on this forums.


Key Takeaways: BCH/USD

#1
* Bitcoin cash price is trading above a couple of key supports near $226.00 and $230.00 against the US Dollar. * BCH/USD is following a key bullish trend line with support near $232.50 on the 2-hours chart (data feed from Bitstamp). * Bitcoin is correcting lower, but it is trading above the key $7,750 and $7,800 support levels. Bitcoin Cash Price Analysis This week, there was a nice upward move in bitcoin cash price above the $210.00 pivot level. BCH price followed a strong bullish path and broke the key $226.00 and $230.00 resistance levels. Bitcoin Cash Price Looking at the 2-hours chart, bitcoin cash even settled above the $230.00 level and the 50 simple moving average (2-hours, purple). Finally, the price spiked above the $250.00 level and a new 2020 high was formed near the $255.66 level. Recently, there was a downside correction below the $248.00 and $240.00 support levels. Moreover, there was a break below the 50% Fib retracement level of the upward move from $220.27 to $255.66. However, the previous resistance area near the $230.00 level acted as a decent support. Besides, the 61.8% Fib retracement level of the upward move from $220.27 to $255.66 acted as a support. More importantly, bitcoin cash price is following a key bullish trend line with support near $232.50 on the 2-hours chart. If there is a downside break below the trend line and the $230.00 support, there is a risk of more losses below the $226.00 support. In the mentioned bearish case, the price is likely to revisit the $210.00 pivot level. Conversely, bitcoin cash price could resume its upward move above the $240.00 and $245.00 levels. The main hurdle for BCH is near the $255.00 level, above which the bulls are likely to aim a test of the $280.00 area in the near term.
Reply