Bitcoin Cash (BCH) Price Analysis: The Value of Bitcoin Cash Is Zooming Higher Against the US Dollar

bitcoin cash

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.

SEE ALSO:   Bitcoin Cash price predictions 2018: Increasing in value tremendously - Bitcoin Cash price analysis USD / BCH - Sun Sept 23

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.

SEE ALSO:   Ethereum (ETH) May Dip and Turn Into A Bull Run in A Surprising Dynamic Market

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.

SEE ALSO:   Litecoin News Update: Reasons Why the Value of LTC Is Expected To Skyrocket Again (Litecoin (LTC) Price Prediction 2018) - Sun Sept 23


LEAVE A REPLY

Please enter your comment!
Please enter your name here

16 + six =

This site uses Akismet to reduce spam. Learn how your comment data is processed.