Price Analysis

Bitcoin Cash Embarks on a Bullish Trend; Trades at $218

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  • Bitcoin Cash price breaches the immediate resistance level
  • The intraday trading could help the traders recover from yesterday’s losses

Bitcoin Cash is on the recovery spree in the intraday chart. The market began the day with a bullish trend and the same is still intact. Bitcoin Cash has encashed the opportunity and is hovering around $218 which happens to be the immediate resistance level.

BCH to USD Price Analysis

Bitcoin cash started dealing at $210 and immediately fell to $206 with a 1.47% regression. Further, BCH climbed to $216 with an aggregate profit of 4.64%. The closing hours brought a slight fall of 1.67% as the coin closed the day at $212. The intraday movement in the price registered a profit of 1.38%. Today, BCH is marking an uptrend from the beginning of the day when the counters changed from $212 to $218 by 2.66%.

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Bitcoin Cash was seen suffering for a long time. The ongoing month was anticipated to bring a big change in the market, but the things didn’t fell on the place and thus embarked on volatility. The second month of the last quarter is about to begin and the traders are eyeing for the market to improve during the same.

Resistance Level Price
R1 $218.97
R2 $223.88
R3 $229.34
Support Level Price
S1 $208.6
S2 $203.14
S3 $198.23

The current movement reflects that the momentum of the coin is great as it has breached the immediate resistance level. It wouldn’t be a surprise if the coin crosses the next resistance level too. The intraday traders are going home with a colossal profit. For the traders looking for investing in Bitcoin Cash, they can pick long-term period to book high dividends.

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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