RATE Group | Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $440
45776
wp-singular,post-template-default,single,single-post,postid-45776,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $440

16 Oct Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $440

Posted at 06:52h in Bitcoin News by

[ad_1]

Key Points

  • Bitcoin cash price broke to the upside, but it declined back below $460 against the US Dollar.
  • There is an ascending channel forming with support at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to consolidate and slowly move higher above $450 in the near term.

Bitcoin cash price retreated from the $480 resistance against the US Dollar. BCH/USD is currently consolidating above $440 with a few positive signs.

Bitcoin Cash Price Analysis

Yesterday, there was a sharp upside move and reversal in bitcoin price, which helped bitcoin cash price to move above $450 against the US Dollar. However, the BCH/USD pair failed near the $480 resistance and retreated sharply from highs. It broke the $475 and $460 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $425 low to $483 high.

The decline was such that the price retested the $440 support area. There was almost a full retrace with a test…

[ad_2]

Source link