The value of Bitcoin Cash (BCH) is showing some positive trends over the $850 mark against the U.S dollar. The value of the digital currency is likely to correct higher over the resistance at $900 and $910.
The Price Trend of Bitcoin Cash (BCH)
There was a test of a vital support at the $825 mark by the value of BCH recently against the U.S. dollar. The value of the coin found a very strong purchasing interest and began an upward movement over the $850 mark.
There was a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $908 to the low of $825. It paved way for more gains and the value of the coin increase further above $850.
Bitcoin Cash Price Today: Current Price of BCH
At the time of writing, Bitcoin Cash (BCH) is trading at $886.8 after an increase of 5 percent in the last twenty-four hours. The digital currency is ranked 4th, with a market cap of $15.24 billion and a trading volume of $385.76 million in the last twenty-four hours.
Bitcoin Cash (BCH) Price Analysis
The highlighted major bearish trendline of yesterday with resistance at the $840 mark was breached on the hourly chart of Bitcoin Cash against the US dollar. The BCH/USD pair also traded over the $880 mark and it almost got to the $900 mark.
A high was created at the $898 mark before the value of the coin started to consolidate gains. An initial support level is close to the 23.6 percent Fibonacci retracement level of the previous swing from the low of $826 to the high of $898.
There may probably be more downward trends in the short-term, but the suppor levels such as $880 and $850 will possibly prevent losses. The relative strength index for the pair is also positioned nicely in the overbought territory.
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.
