Bitcoin Cash price analysis: BCH/USD reignites recovery; upside still capped at $290


  • Bitcoin price flashes a ray of green amid widespread cryptocurrency depression.
  • Today’s breakout above $280 came close to testing $290 but reversed to the current market of $285.
  • The biggest task is to keep the price above $280 support to allow the bulls to focus on breaking $300 resistance.

Bitcoin Cash among the single-digit gain leaders on Monday. The comes after a correction started yesterday jumped above both the 50 Simple Moving Average 1-hour and the 100 SMA 1-hour.

Prior to the current recovery, a failed attempt made on Saturday hit a snag at the 100 100. Luckily, the correction that followed found refuge above the key support between $275 - $270. Today’s breakout above $280 came close to testing $290 but reversed to the current market of $285.

The crypto appears to have hit its short-term overbought levels and likely to retrace further to the initial support at $280. The stochastic points south after a retreat from levels above 70. On a brighter side, if the 50 SMA double-crosses above the longer term 100 SMA Bitcoin Cash could extend the action above $290.

For now, the biggest task is to keep the price above $280 support to allow the bulls to focus on breaking $300 resistance. As mentioned, $275 - $270 is a key support area (buyer congestion zone.

BCH/USD 1-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP