The value of Bitcoin Cash (BCH) is nicely trading over $1100 against the US dollar. The BCH and USD pair still maintains an upward trend and it could gradually approach an upside break over the $1,200 level in the short-term.
Price Analysis of Bitcoin Cash (BCH)
The last couple of sessions were a little bit bullish as the value of the digital currency began an upward movement from the swing low of $1,040 against the U.S. dollar. The value of the digital currency increased higher and broke a lot of hurdles on its way up, including the $1,100 barrier.
The price of the coin was even able to clear the resistance at $1,180 and surged above the $1,200 mark. The high was created at the $1,209 mark before the value of the cryptocurrency began a downward correction.
The Support Level
The initial support line of the coin is around the 23.3 percent Fibonacci retracement level of the previous swing from the low of $1,075 to the high of $1,209. There was also a formation with a major ascending channel with support at $1,170 on the one-hour chart of the value of Bitcoin Cash against the US dollar.
The BCH/USD pair will maintain an upward movement provided the price $1,100 pivot level is intact. Beneath the support channel, the next support is close to the 50 percent Fibonacci retracement level of the previous swing from the low of $1,075 to the high of $1,209 at $1,142.
Nevertheless, any key correction from the present levels is less likely, especially beneath the $1,140 mark. Based on the daily chart of the digital currency, the value is in a nice upward movement over the $1,100 mark. On the other hand, the value of the digital currency could once again rise over the resistance at the $1,200 level for more gains towards $1,250.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
