Price Analysis

Bitcoin Cash Goes through a Price Correction; May Touch $340 Soon

Bitcoin Cash seems to have been affected the most by the mild bearish trend of the market. Over the last 24 hours, it has been down by 5.29%, and it also has given multiple shocks to its intraday traders. However, the value is still maintained above 320 USD.

Bitcoin Cash Price Analysis

At the starting of the day, the BCH price was above $340. Its first major swing started at 00:03 UTC, and over the next 3 hours and 24 minutes, the coin lost 9.62% value. This swing pushed the price from $342.4 to $309.46. It was followed by a price recovery to the extent of 6.94%. This recovery helped Bitcoin Cash price to get back to $331.02. Since then, the coin failed to make any major upward movement. By 01:50 UTC, BCH lost 2.07% value to touch $324.03.

BCH News
BCH/USD Chart By TradingView

The current price of Bitcoin Cash is $324.28, and it trades above its 50 days MA ($323.31) and 20 days MA ($323.81). The recent downside correction seems temporary. It will soon bounce back. We expect the next resistance of the BCH coin to come around $340.96. However, investors need to be cautious of the intraday price shifts.

Resistance and Support Levels

R1: $340.96, R2: $355.94 and R3: $370.64

S1: $311.28, S2: $296.58 and S3: $281.6

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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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