There were sharp gains in bitcoin cash price above $380.00 and $400.00. BCH to USD traded as high as $410.48 and it is currently consolidating for the next break above key supports.
Key Takeaways: BCH/USD
- Bitcoin cash price rallied as high as $410.48 before starting a downside correction against the US Dollar.
- BCH/USD is trading above the $375.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is up 10% above $225.00 and ripple gained momentum above the $0.4250 level.
Bitcoin Cash Price Analysis
After a strong rise in bitcoin price, bitcoin cash also started a solid upward move above the $350.00 and $380.00 resistance levels. The upward move was such that BCH price broke the $400.00 barrier and traded to a new 2019 high at $410.48.
Looking at the 2-hours chart, bitcoin cash started a downside correction after trading as high as $410.48, but stayed well above the 50 simple moving average (2-hours, purple).
There was a break below the $385.00 support and the $370.00 pivot level. However, the price stayed above the $360.00 support and the 50 simple moving average (2-hours, purple). A swing low was formed at $361.29 before the price started a fresh increase.
It climbed back above the $385.00 level and the 50% Fib retracement level of the slide from $401.48 to $361.29. However, it seems like the $392.00 and $395.00 levels are currently acting as hurdles for the bulls.
Besides, the price is struggling to clear the 61.8% Fib retracement level of the slide from $401.48 to $361.29. There is also a connecting bearish trend line forming with current resistance near $392.90 on the same chart.
A successful break above the trend line and $395.00 is likely to open the gates for a push above the $400.00 barrier. In this case, the price could surge above the $410.00 and $415.00 levels.
Conversely, if bitcoin cash price declines again, it could find support near $375.00 or a bullish trend line on the same chart. Below the trend line support, the 50 SMA could hold losses near $370.00. Finally, a successful close below $370.00 might start a strong decline back to $350.00. Overall, BCH is placed nicely above the $375.00 support and it is likely to surge above $400.00 once again.