Bitcoin cash price declined sharply before finding bids near $800 against the US Dollar (tethered). BCH/USD broke a key resistance and eying more gains.
Key Talking Points
- Bitcoin cash price declined recently towards $800 where it found support against the US Dollar (tethered).
- The BCH/USD pair moved higher and broke a crucial bearish trend line with resistance at $1020 on the 2-hours chart (data feed from Poloniex).
- The pair is eyeing a close above $1140 and the 100 simple moving average (2-hour) to gain momentum.
Bitcoin Cash Price Chart Analysis
Recently, we saw a major decline in bitcoin cash price from the $3120 swing high against the US Dollar (tethered, data feed by Poloniex). The price traded below the $1200 and $1000 support levels and remained under a lot of pressure.
There was a test of the $800 support where buyers were able to protect further declines. Later, BCH started moving higher and traded above the $950 and $1000 resistance levels.