Bitcoin Cash price analysis: BCH/USD correcting higher after the price encountered strong support level
|- Bitcoin Cash price breaks major support levels to trade close to $1,200.
- BCH/USD is correcting higher, and sustained gains could take the price back to trading around $1,250.
Bitcoin Cash is in a bearish trend as the price has declined substantially. The currency is down by over 4% on Tuesday trading, besides the downside trend began immediately after the day’s opening price at $1,250. The price traded lower to break support levels at $1,250 and 1,220 respectively.
Moreover, the price encountered a break past the previous support level at $1,210 on the hourly price chart. The price traded close to the major support level $1,200 but bounced off in a recovery attempt. Currently, Bitcoin Cash price is correcting higher and trading at $1,210. BCH/USD tested the 23.6 Fib retracement level with the last low at $1,200 and a high of $1,290. The currency, however, encountered resistance at this level and the upside gains were reversed.
Significantly, the crucial hurdle for BCH/USD is at $1,220. A break past this level could see the price sustain the gains and trend closer to the major resistance level at $1,250. On the downside, the support level at $1,200 is short-term support. If the price pushes below this level, Bitcoin Cash could trade under $1,200.
BCH/USD price intraday chart
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