RATE Group | Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support
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Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support

07 May Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support

Posted at 06:27h in Bitcoin News by

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Key Points

  • Bitcoin cash price started a downside move after it traded as high as $1,834 against the US Dollar.
  • There is a crucial bullish trend line in place with support at $1,610 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently testing a major support area near $1,640, which could hold losses in the near term.

Bitcoin cash price remains supported above $1,600 against the US Dollar. BCH/USD is likely to bounce back once the current correction is over.

Bitcoin Cash Price Support

After a sharp upside move, bitcoin cash price formed a short-term top near $1,834 against the US Dollar. The price started a downside correction and declined below the $1,800 and $1,750 support levels. It also traded below the 23.6% Fib retracement level of the last leg from the $1,459 low to $1,834 high. However, there are many supports on the downside above the $1,600 level.

At the moment, the price is testing the 50% Fib retracement level of the last leg from the $1,459 low…

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