Bitcoin Cash price analysis shows that the coin is now correcting lower after failing to break above $360 level. Will the BCHUSD pair rebound towards the $360 in the medium term?
Bitcoin Cash Price Medium-term Analysis
After consolidating for three days, the price of Bitcoin Cash (BCH) surged on January 14 and rallied above the overhead resistance at $306. The bulls continued the uptrend but failed to break above the resistance at $360. As a result, Bitcoin Cash price dropped to $340 in the early hours of Thursday. At the time of the press, however, Bitcoin Cash price is changing hands at the $317 level.
On the downside, a break below the $317 level will result in the market finding support at the $300 and $280 levels. On the upside, if more buyers emerge, the market will rise towards the $340 and $360 resistance levels. Moreover, a tight consolidation near $360 will increase the possibility of a break above it. Above this level, the next target is $400.
BCHUSD Price Short-term Analysis
On the 1-hour chart, the price of BCHUSD is a bullish trend above the $300 support level. If the price does not give up much ground from the current levels, it will indicate that the bulls are in no hurry to book profits. Nevertheless, traders can trail the stops on the remaining long positions to $300. The BCHUSD pair will lose momentum if it breaks and sustains below $306.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $340, $360, $400
- Support levels: $300, $280, $270
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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