Can Bitcoin Cash (BCH) Hold Its Ground Above $600?

This morning, the price of Bitcoin Cash (BCH) was trading in range above $600. A contracting triangle was formed and it had support near $620. The Bitcoin Cash to USD pair faced the threat of a decline below the $620 and even $600 level. Later, the pair started consolidating its losses in range. Before a rise to $650 can happen, the cryptocurrency may face a pullback below $600.

Bitcoin Cash (BCH) Price Analysis

Over the past three traded sessions, the price of Bitcoin Cash has moved sideways below the $650 level. The pair subsequently corrected lower after going as high as $660. The price broke the 50% Fibonacci retracement level of the last rise from $600 to $660. The Bitcoin Cash to USD trading pair fell below the $620 support before a recovery started. The 76.4% Fibonacci retracement level is the last rise from $600 to $660 which was at $615 acted as support.

Bitcoin Cash (BCH) Price Today – BCH / USD

Bitcoin Cash

Also, there was a fresh contracting triangle on the hourly chart that formed near the $620 support. If Bitcoin Cash doesn’t stay above the $620 support level, it may keep declining below $600. If it falls below $600 the next support will be at $590 and the 100 hourly SMA.

Bitcoin Cash Price Analysis Now

The Bitcoin Cash to USD trading pair is currently trading at $625.83. This indicates a 0.35% fall against the USD and a 0.92% fall against Bitcoin. From the technical charts, the price of BCH is firmly supported above $600. Buyers will have to clear the resistance at $650 if they are to push the price to the $660 level. The relative strength index is above 50 and the MACD on the hourly chart is in the bearish zone. The significant resistance is at $650 and the significant support is at $620. The next few days of trading will determine if the price action will change for the better or for worst. The $620 support is crucial.

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.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.