Bitcoin Cash (BCH) Could Recover To The $740 Mark As It Finds Support Close To The $690 Mark

The value of Bitcoin Cash (BCH) found support close to the $684 level, and it is gradually consolidating higher against Bitcoin (BTC) and the USD. The digital currency needs to surge over its immediate hurdle at the $716 mark in order to recover further towards its key resistance at the $740 level.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$6,389.75
-0.08%
Bitcoin Cash (BCH)
$519.04
0.79%

At the time of writing, the fourth largest digital currency in the world by market cap – Bitcoin Cash (BCH), is changing hands at $699 after an increase of about 0.5 percent over the past twenty-four hours. The market cap of the digital currency is $12.28 billion and its trading volume over the past twenty-four hours is $313.15 million.

Bitcoin Cash (BCH) Price Trend and Analysis

Over the past few days, there has been significant declines in the value of Bitcoin Cash beneath the $750 support level. The digital currency declined further and broke the support at the $720 and $700 marks. The coin even tested the $684 mark before it started consolidated higher.

The value of the coin broke the 23.6 Fibonacci retracement level of the previous swing from the high of $736 to the low of $684. It seems like the value of the coin moved into a near-term positive territory over the $700 mark. During the upward movement, there was a break over the near-term bearish trendline with hurdle at the $705 level.

At the moment, the digital currency is trading close to the $700 mark and the 100-hourly SMA. Also, the 61.8 percent Fibonacci retracement level of the previous swing from the high of $736 to the low of $684 is at $716. Hence, a break over its immediate resistance could open doors for more gains towards the next major resistance which is at the $740 level. The next few days of trading will will determine if the price action will change or not. Traders should be patient and avoid rash actions.


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