Bitcoin Cash price analysis: BCH/USD jumps a whopping 7% on the day, but stalls short of $850
|- BCH/USD breaks key barriers at $800, $820 and $840 on the day.
- Bitcoin Cash trend is bearish, however, there are several support areas that will come in handy.
Bitcoin Cash like many other coins in the market exploded in brief short-lived fireworks on Tuesday 24 Asian trading hours. The price broke past the key supply zones explored in yesterday's analysis at $820 and $840. However, the trend lost momentum short of $850.
The cryptocurrency has also escaped the entrapment of the contracting triangle also explored yesterday. The buyers are, however, not able to support the spike, hence BCH/USD is making lower corrections slightly below $840. Over the weekend, Bitcoin Cash declined to test the key support area at $740. Significantly, the price bounced and cleared the resistance at $780 (current strong support). There was another breakout on Monday retracing steps above $800, although $820 resistance led to another slide supported at $780.
At the moment, BCH/USD is trading at $839 while the short-term support is highlighted at $820. The descending trendline will also stop further declines above the next support target at the 61.8% Fib level taken between lows of 873.76 and $688.26 lows slightly above $800. As mentioned above the stronger support area rests at $780. Bitcoin Cash trend is bearish at the time of press, however, there a are several support areas as observed on the one hour chart.
BCH/USD 60-minutes chart
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