- Further up, the buyers will face more selling pressure at $1,450.
- The 61.8% Fib retracement will provide stronger support close to $1,300.
There was a fresh upside from lows of $1,250 which paved the way for further upside corrections. BCH/USD traded in lock-step with no major movement, however, the upside was capped below $1,400. The price broke above the 100 Simple Moving Average on the 30’ timeframe chart, at the same time, BCH/USD traded above the pivotal $1,400 level before sliding back only to find a support above $1,350.
At the moment, there is an upside movement close to $1,380 while the 38.2% Fib retracement level with the previous swing high of $1,565 and a low of $1,124 is a hurdle as the price recoils towards $1,400. Further up, the buyers will face more selling pressure at $1,450.
Bitcoin Cash fork is approaching, but in the meantime, the price is reacting to sentiments from the sellers and the buyers. It appears that upside corrections will be limited in the near-term. The buyers can also hold ground and prevent downside movements. A short-term support is $1,350, although the 61.8% Fib retracement will provide stronger support close to $1,300.
BCH/USD 30’ chart
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.