According to cryptocurrency writer Aayush Jindal, today’s Bitcoin Cash (BCH) price analysis show that the digital token started a downside correction at the close of trade moving above the 875 USD level against the Dollar. The hourly charts of the BCH/USD pair also indicate that a significant bullish pattern formed with support areas at 830 USD. Further analysis shows that the couple has to remain above the 820 USD and 830 USD support areas to avoid more risk of sliding downward. Bitcoin Cash (BCH) price analysis also indicates that the digital asset is correcting beneath against the USD. The pair is close to a significant support level near 820 USD and 830 USD.
Bitcoin Cash (BCH) Price Analysis Shows Key Support Areas At 870 USD and 878 USD
From the charts yesterday we saw a decent upward shift above the 750 USD level in the price of Bitcoin Cash (BCH) against the USD. The BCH/USD pair broke the 870 USD area and traded near the 880 USD support level as well. A new high was formed close to 878 USD before the pair price a downside correction. BCH price declined and even traded below the 23.6 percent Fibonacci retracement level of the last drop from 771 USD to 878 USD.
Bitcoin Cash (BCH) Price Today – BCH / USD
However, the price of Bitcoin Cash (BCH) found support close to a significant pivot region at 820 USD. More importantly, a critical connecting bullish pattern has formed with 830 USD support via the hourly chart. The 50 percent Fibonacci retracement level from the last drop at 771 USD to 878 USD is around 825 USD as well. Lastly, the 100 hour SMA is positioned close to the 820 USD level. Hence, the 820 USD and 830 USD support zone hold strong importance via the short term. Anything below this could make prices decline further toward the 790 USD level.
The chart shows that the price is finding good buying interest above 820 USD. If the pair continues to stay above the 820 USD area, it could bounce above the 850 USD level. BCH may ultimately retest the 878 USD high.