Price Analysis

Bitcoin Cash (BCH) Holds Strong Support at $300; Targets $375

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  • BCH has just taken a rest from a 2-day long bull-run while it is gathering momentum before striking another price rally
  • Bitcoin Cash price has formed a decent support area around $300 over the last 5 days
  • The immediate support level for the BCH coin is at $358.19 while resistance for the coin is above $373
  • SMA lines are giving bullish signs while MACD indicator is still in the bearish zone

Bitcoin Cash Price Analysis

On January 23, Bitcoin Cash was trading with a bearish impact, and the next day, it bottomed to $300.95. Here, it seems to have found a decent support level as it started a steady and lasting price rally.

The currency reached as high as $373.52 before correcting down to $358, its recently formed and active support level. Over the last 5 days, BCH coin has seen many S/R flips as it cleared a few major resistances at 61.80%, 50%, and 38.20% Fib levels.

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Also, the coin is trading well above the major support area that has been formed over the last few days. Bitcoin Cash is likely to continue its price rally above $360, and it holds a strong support line at $300.

Bitcoin Cash News
BCH/USD Chart By TradingView

The MACD indicator is just below the zero-line while having its signal line on the upside; this shows a negative sign. SMA lines are extremely bullish as the short-term SMA line is much above the long-term SMA line.

Bitcoin Cash is trading with quite a positive bias at the moment. The coin is likely to see resistance levels at $389.68 and $404.49 once it trades above $376.16. Support levels for the coin stand at $347.83, $333.02, and $319.5.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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