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Price Analysis

Bitcoin Cash Cuts 2.4% Since Yesterday; a Bounce Back May Happen Soon

  • Bitcoin Cash loses 2.47% in the last 24 hours.
  • The next resistance may fall at 312 USD.

Bitcoin Cash (BCH) has adopted the market trend and like all its other major peers, it has been down by almost half a percent in the last 24 hours. The value has fallen to 304 USD now. The five major price swings resemble the price movement pattern of Bitcoin and other coins.

 Bitcoin Cash Price Analysis:

Bitcoin Cash was being traded at 311 USD at the time of opening of the day and soon it got weakened; in the next 4 hours and 24 minutes, it fell to 303.20 USD. The next variation happened between 04:24 UTC and 08:04 UTC, this variation added 6.34 USD to BCH and placed it at 309.54 USD. However, it could not stand near 310 USD for long and in the next 11 hours, it fell by 2.2% This downfall took the price at 302.78 USD, the lowest point for the day.

At 19:05 UTC, BCH started strengthening and achieved an almost 2% increment in the value by 23:46 UTC and this swing had a break at 308.71 USD. Since then, BCH is struggling to retain its value anywhere near 310 USD, but with another decline in the value by 1.75%, it is hovering around 303 USD now.

Bitcoin Cash Price Chart
BCH Chart by TradingView

Bitcoin Cash is one of the few coins with strong fundamentals. Its current price is above both 50days and 20 days MA, so a turnaround can be expected anytime. The complete recovery may take some more time though. The next resistance for BCH may come at 312 USD.

Resistance and Support Levels:

R1- $312.5833333, R2- $316.8666667, R3- $ 321.0533333

S1- $304.1133333, S2- $299.9266667, S3- $295.6433333

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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