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Bitcoin Cash price analysis: BCH recovering after hitting 2 week low

bitcion cash price analysis 10 aug

Bitcoin Cash price has been moving fast in the past few hours and the Bitcoin Cash price analysis shows the currency dipped down to nearly three hundred dollars ($300) to recover back to the current levels.

The steep decline started around (4:00 AM) four in the Eastern Standard Time morning when the price dropped from three hundred and nineteen dollars ($319.02) to the two weeks low point of three hundred and two dollars ($302.70).

Bitcoin Cash price analysis: BCH recovering after hitting 2 week low 1Bitcoin cash price chart by Trading View

The bullish reign is over for Bitcoin Cash (BCH) currently while the BCH/USD pair shows no move towards the upward area on the chart.

Bitcoin Cash price analysis prediction

Bitcoin cash price analysis shows that BCH/USD pair is trading no more aligned to the ascending triangle’s uptrend line. BCH is quite close to one of its key support levels.

If traders can keep it above the three hundred dollars ($300) mark, then the current track that BCH is on will not go towards the void pit of despair from which turnover is rather difficult.

Bitcoin Cash price analysis: BCH recovering after hitting 2 week low 2

Bitcoin Cash price chart by Trading View

On the far side, if the stakeholders play it out nicely with the turnover in-effect then, BCH price can expect a key resistance point at three hundred and forty-five dollars ($345.40). This resistance will in turn, in the future also act as a key support line.

But then again. It all depends on ‘IF’ the bulls come charging in. Currently stopping at anywhere below $300 would result in a further decline for the cryptocurrency.

While Ethereum and other currencies are struggling to break resistance BCH price also hit the two weeks high at three hundred and twenty-four dollars ($324). Bitcoin Cash is currently trading at three hundred and twenty-three dollars ($323) at the time of writing.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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