BCH Price Technical Analysis June 19: The Value of Bitcoin Cash (BCH) Is Gradually Consolidating Gains

The price of Bitcoin Cash BCH against the USD is gradually signs of improvements, and the value has successfully corrected over the previous resistance at the $850 level. The trading pair is likely to increase of the $900-$910 resistance level in short-term.

The digital currency has been in the red over the past couple of weeks now, but the recent trend in the digital currency market has helped to increase the value of the coin, and the coin is now back in the green, gathering more momentum to surge over the resistance at the $900 mark

Bitcoin Cash Price Today: Current Price of BCH

NamePrice
bitcoin
Bitcoin
$8,273.52-0.37%
bitcoin-cash
Bitcoin Cash
$223.10-1.06%

At the time of writing, the digital currency is trading at $887.3900 after an increase of 5.91 percent in the last twenty-four hours and a decrease of 5.17 percent over the last seven days. Bitcoin Cash (BCH) boasts of a market cap of $15.24 billion and a twenty-four hours trading volume of $385.76 million.

Bitcoin Cash (BCH) Price Analysis June 19

The value of Bitcoin Cash (BCH) against the US dollar recently tested a crucial support level at $825. The digital currency was able to find a sturdy buying interest and stared an upward trend above the level of $850.

There was also an increase over the fifty percent Fibonacci retracement level of the last swing from the high of $908.00 to the low of $825.00. This made way for more gains and the value of the Bitcoin Cash jumped above the $850 mark.

More importantly, the key bearish trendline that was highlighted yesterday with resistance at $840.00 was penetrated on the 1-hour chart the BCH/USD pair. The digital currency also traded above $880.00, as it almost got to the $900.00 mark. There was a formation of high close to the $898 mark before the consolidating gains began.

The initial support of the coin is around the 23.6 Fibonacci retracement level of the last swing form the low of $826 to the high of $898. The coin may see some downward trends, but the support at S880 and $850 may prevent losses.

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.

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