Bitcoin Cash Price Forecast: BCH/USD nurtures recovery after dip to $270, how nigh is $300?

  • Bitcoin Cash embraces support at $270 in favor of recovery eying $300 in the medium term.
  • Bitcoin Cash is likely to take up consolidation at $275 support before a breakout comes into the picture.

Bitcoin Cash bulls are intentional in their push for gains above $300 following a sharp slump to the support at $300. The ongoing recovery is happening within the confines of a bearish flag pattern. This means that buyers will have to work a little harder to maintain the momentum towards $300. Otherwise, Bitcoin Cash is not clear of the support at $270.

In the meantime, BCH/USD is holding at $276 (prevailing market value). As per the technical levels, Bitcoin has potential for gains towards $300, at least when short term analysis is considered. However, a confirmed breakout above $280 and the bearish flag pattern will aid in determining the bullish strength. Some of the hurdles that would delay the breakout include the 50 SMA at $285 and the 100 SMA at $292.18.

According to RSI (holding the position above 40), the trend is in the hands of the bulls. Unfortunately, the MACD stuck in the negative region, it is evident that there isn’t enough volume to sustain gains above $300 as quickly as investors would have desired. In this case, consolidation could take precedence with Bitcoin Cash settling onto the short term support at $270.

BCH/USD 1-hour chart

BCH/USD price 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

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

More Cryptocurrencies News

Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

More Polygon News

Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

More Ripple News

Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

More Dogecoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast