Bitcoin Cash (BCH) Price Aims Lower Toward Another Significant Support 

The price of Bitcoin Cash (BCH) is aiming at the support at $600. While an upward movement is most likely to occur, Bitcoin Cash may correct lower first before it can correct higher. This morning, the price of Bitcoin Cash was consolidating below the resistance at $650. A contracting triangle was formed with support around the $630 level on the hourly chart. The Bitcoin Cash to USD pair may break this triangle and test the support at $600 today. The good news is that Bitcoin Cash is fully supported at $600.

Bitcoin Cash (BCH) Price Finds Support At $600

Last week, the price of Bitcoin Cash moved above the resistance at $600 trading above the resistance at $650 and settling above the 100 hourly SMA. A high was formed around $660 before a price consolidation started. The pair tested the 23.6% Fibonacci retracement level of the last rise from $549 to $660. The buyers are holding the support at $620 to $630. If Bitcoin Cash should break the contracting triangle that was formed with support near $630, it will most likely fall lower toward the support at $620.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$8,691.09-0.18%
bitcoin-cash
Bitcoin Cash
$285.87-0.21%

If Bitcoin Cash breaks this $620 support, the next significant support will be at $600. This support at $600 represents the 50% Fibonacci retracement level of the last rise from $549 to $660. Below this level, the next support will be around $580 which also happens to be the 100 hourly SMA. Breaking higher than this level will push the price of Bitcoin Cash to the $650 to $660 territory. This will pave the way for more gains towards $700.

Bitcoin Cash (BCH) Price Analysis Now!

From the price chart, Bitcoin Cash is trading at $631.74. This indicates a 2.21% fall against the USD and a 1.97% fall against Bitcoin. The relative strength index is above the 50 level and the MACD on the hourly chart is moving toward the bearish territory. There is a significant resistance at $650 and a significant support at $620.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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