Bitcoin Cash price analysis: BCH/USD trading double, buyers gunning for a comeback
|- This week Bitcoin Cash lacks the push to break above the $1,000 level.
- BCH/USD pulls back from trading below $900, bullish momentum forming around $904.
Bitcoin Cash price is encountering a selling relief during the trading session on Tuesday afternoon GMT. The crypto even exchanged hands below $900; however, the buyers are getting ready for a comeback as the price completes the second top pattern.
The cryptocurrency market is a roller coaster where sensitive information affects the price either positively or adversely. This week Bitcoin Cash lacks a catalyst to push it up above $1,000 level. Consequently, BCH/USD is down 6% in the last 24 hours. Its market capitalization has however been steady above $15 billion in the last seven days.
After trading at lows of $877, Bitcoin Cash price began an upside trend where the price shot up above $900 level. The 23.6% Fibonacci retracement level with the previous swing high of $1,145 and a low of $843 could not hold as support several times, however, the level will offer stiff resistance as the price attempt to retrace upwards towards $1,000 mark. There is a bullish momentum that is forming close to $905 level, while the immediate support level for BCH/USD is at $877. The $900 level is pivotal for the price of Bitcoin Cash, there, the price must maintain above this level to pave the way for more gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.