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.

John Isige FXStreet

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.

BCH/USD hourly price chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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