According to crypto writer Aayush Jindal, the price of Bitcoin Cash (BCH) managed to gain traction ultimately shifting beyond the 760 USD and 780 USD resistance levels. We can also see a short-term bullish pattern forming with the closest support area at 788 USD via the hourly chart of the BCH/USD pair with the pair managing to rally and initiate an uptrend which will likely accelerate above the 800 USD barrier in the near term. The virtual token managed to shift near 800 USD barrier against the USD and is now gaining bullish movement hence a rally to 850 USD may seem viable.
Bitcoin Cash (BCH) Price Movement Indicates A Correction on The Charts At The End of Trade Yesterday
The table shows a sharp upside price movement for Bitcoin Cash (BCH) from the 715 USD low against the USD. The BCH/USD pair then went on to correct a few areas yesterday and even tested the 710 USD – 715 USD support region. The 23.6 percent Fibonacci retracement area from the last swing beginning from 660 USD to 730 USD was tested as well. The pair also went on to complete a downward correction near the 715 USD level and forced a solid upward trendline.
Bitcoin Cash (BCH) Price Today – BCH / USD
The BCH/USD pair also jumped above the 750 USD, 760 USD and 780 USD levels respectively to record significant gains. There was a break beyond the 800 USD barrier and prices even formed a new high at the 809 USD area. At the moment, the BCH/USD pair is consolidating gains around the 800 USD barrier. An initial support area is near the 23.6 percent Fibonacci retracement area from the last trendline beginning from 715 USD to 809 USD. Furthermore, there is a short-term bullish trend line forming with support near $788 on the hourly chart of the BCH/USD. If the price of the digital token corrects lower, it should find support around the 780 USD – 790 USD. The next few sessions of trading will determine the progress of the cryptocurrency.