Bitcoin Cash price analysis: BCH/USD bullish bias above 100 SMA, 38.2% Fibo is a short-term hurdle towards $1,400


  • 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP