Bitcoin Cash Price Analysis: BCH/USD retreats to test $400 support ahead of breakout to $500

  • Bitcoin Cash retreat from yearly highs at $462 is necessary for the next rally as long as $400 support is not broken.
  • Sideway action is anticipated in the short term as observed by both the RSI and the MACD.

It the second day of dealing with a bloody cryptocurrency market. Cryptoassets led by Bitcoin (BTC) are retreating from the recent high (weekend highs) after meeting increased selling activity. For some digital assets such as Bitcoin Cash are not fundamentally ready to tackle higher levels, hence the retreat in order to create stronger technicals and fundamentals to advance higher.

Bitcoin Cash is dealing with a 1.52% loss on the day after correcting from $452 (opening value) to $446 (market value). Very little progress has been made to the north where $453 is the intraday high.

The sideways movevements of the technical indicators such as the RSI above 70 and the MACD at +40 signal that stability could prevail with BCH trading sideways in a narrow range between $440 and $440. It is also evident that the bulls are in control in spite of the correction witnessed. This means that we cannot put $500 out of the picture. Support could come from the ascending trendline, $400. The 38.2% Fibo at $300 and $250.

BCH/USD daily 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 & Analysis

Editors’ Picks

Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast