Bitcoin cash price is gaining momentum above the $400.00 pivot level. BCH is placed in a strong uptrend similar to BTC and it could accelerate above the $450.00 resistance area.
- Bitcoin cash price recently climbed above the $400.00 and $425.00 resistance levels.
- BCH is following an ascending channel with support near $422.00 on the 2-hours chart.
- There are high chances of a strong upside break above the $450.00 resistance area.
Bitcoin Cash Price Analysis (BCH to USD)
In the past few days, there was a strong rise in bitcoin, which helped bitcoin cash price in climbing above the $400.00 barrier. BCH/USD slowly climbed higher similar to Ethereum, ripple, EOS and cardano.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair remained strong above $400.00 and it even settled above the 25 simple moving average (2-hours). The recent upward move was positive since there was a break above the $425.00 resistance.
The price traded as high as $440.98 and recently corrected lower. It broke the $430.00 level and the 23.6% Fib retracement level of the recent wave from the $399.82 low to $440.98 high.
However, the $420.00 level and the 25 simple moving average (2-hours) acted as a strong support. Moreover, the 50% Fib retracement level of the recent wave from the $399.82 low to $440.98 high provided support.
More importantly, there is an ascending channel in place with support near $422.00 on the same chart. Therefore, the price is clearly staging more upsides above the $440.00 level.
The main resistance is near the $450.00 level, above which bitcoin cash bulls are likely to gain full control. The next key resistance for them is near the last major swing high at $475.00.
On the downside, the main support is near the $420.00 level. If bitcoin cash price settles below $420.00, there is a risk of more losses. In the mentioned bearish scenario, the price could retest the $400.00 support.
Overall, the market is gaining pace and there are high possibilities of BCH/USD climbing above $440.00 and $450.00 in the near term.
The market data is provided by TradingView, Coinbase.
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