According to crypto writer Aayush Jindal, the price of Bitcoin Cash (BCH) formed a support base close to the 740 USD level and eventually rebounded against the USD. We can see a break above a primary bearish pattern with 790 USD as resistance via the hourly chart of the pair. The BCH/USD pair also managed to break the 800 USD barrier and the 100 hour SMA to gather traction. The price of Bitcoin Cash (BCH) is now positioned just above the 780 USD barrier, and the pair is likely going to accelerate in ascendancy near the 858 USD and 880 USD barriers.
Bitcoin Cash (BCH) Price Movement Shows Buying Interest At 740 USD And 750 USD Respectively
After suffering a significant downside shift, the price of Bitcoin Cash (BCH) found buying interest at 740 USD and 750 USD. After which the BCH/USD pair initiated an upward shift and broke the 780 USD resistance territory. The price of Bitcoin Cash (BCH) also shifted past the 23.6 percent Fibonacci retracement level from the last drop beginning at 890 and closing at 740 USD. This price movement opened the way for more gains. The BCH/USD pair traded above 800 USD and the 100 hour SMA.
Bitcoin (BTC) Price Today – BTC / USD
There was also a break above an essential bearish price movement with 790 USD as resistance via the hourly chart of the pair. The BCH/USD pair is attempting a close above 820 USD which is a resistance level. The 50 percent Fibonacci retracement level from the last drop starting at 890 USD to 740 USD at 815 USD. Hence, a close above 815 USD to 820 USD may accelerate gains towards the 850 USD and 860 USD barriers. Above the later, prices could test 890 USD in the short-term.
From the chart, we can see that the price of Bitcoin Cash (BCH) has slowly started gaining momentum just above 800 USD. Prices may decline by a few points via the short term. However, significant support levels remain near the 800 USD and 780 USD barriers.