Bitcoin cash found support near the $270.00 level after a downside correction. BTC rallied recently to a new 2019 high, dragging BCH, ETH, XRP and other major altcoins higher.
- Bitcoin cash price completed a downside correction near the $270.00 support.
- BCH broke a major contracting triangle with resistance at $288.00 on the 2-hours chart.
- The price is trading with a positive bias and it could rally above the $300.00 and $310.00 levels.
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Bitcoin Cash Price Analysis (BCH to USD)
After a strong rise, bitcoin cash price started a downside correction from the $310.25 high. It broke the $300.00 and $295.00 support levels, and recently found a solid buying interest near the $270.00 support. In the past three sessions, there were decent in BCH above the $275.00 and $280.00 levels.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair tested the 50% Fib retracement level of the upward move from the $227.47 low to $310.25 high. A fresh support base was formed near $270.00, resulting in a bullish wave above the $280.00 level.
In the past few hours, bitcoin price climbed towards $6,000 and Ethereum price rallied more than 10%. It helped bitcoin cash in recovering above the $285.00 level and the 25 simple moving average (30-minute).
There was a clear break above the $290.00 level, and the 50% Fib retracement level of the drop from the $310.25 high to $268.00 swing low.
Moreover, the price surpassed a major contracting triangle with resistance at $288.00 on the same chart. At the outset, the price is consolidating gains above the $290.00 level and the 25 simple moving average (30-minute).
The current price action is positive, suggesting more gains above $295.00 and $300.00 in the near term. A successful close above the $300.00 resistance will most likely set the pace for a break above the $310.25 high.
Overall, bitcoin cash price is currently consolidating above the key $290.00 and $285.00 supports. As long as BCH price is above the $275.00 pivot level, it is likely to trade to a new monthly high above $310.25 in the coming sessions.
The market data is provided by TradingView, Coinbase.
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