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Home News Bitcoin Cash News

Bitcoin cash price analysis: Buyers targeting key bullish breakout

Arnold Kirimi by Arnold Kirimi
September 18, 2020
in Bitcoin Cash News
3 min read
Bitcoin Cash
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  • Bitcoin cash price is gradually rising after settling above $225 support
  • BCH/USD pair is consolidating gains below $240 at the moment and 55 SMA
  • A key contracting triangle is shaping up in the BCH/USD price action
  • BCH price could surge past $240 or sink below $225

Bitcoin cash price action is indicating encouraging developments. The cryptocurrency is currently trading beyond the $225 key support against Tether. So long as the BCH/USD pair trades beyond this key support, BCH price has a chance of rallying past $240.

The BCH price action is continuing with a difficult 2020 as it struggles to trade above $240 price level. The BCH/USD pair has now declined by about 32.2 percent since hitting a high of $338 early in August. Besides, the pair has also dropped significantly against Bitcoin.

The price of Bitcoin cash has been sluggishly appreciating against USDT since establishing a foundation past $210 level. The pair breached several vital barriers near the $220 and $225 resistance zones before settling in an affirmative area.

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Bitcoin cash price daily chart

Furthermore, BCH price action settled above the $225 crucial support and the 55 simple moving average (4-hours). BCH price increased tempo after breaking past the $230 price level, however, buyers were unable to beat the $240 resistance. The BCH/USD pair formed a high near the $241 price level and the pair is consolidating the gains at the moment.

Bitcoin cash price analysis: Buyers targeting key bullish breakout 1
BCH/USD Daily price chart: TradingView

Notably, there was a remedial surge beneath the 23.6 percent Fibonacci retracement levels of the upside break from $217 swing lows to $241 swing highs. Regardless, BCH/USD appears to be creating a firm support base beyond the $225 and the 55 SMA (4 hours).  

Additionally, there appears to be a vital contracting triangle shaping up with the defiance near the $235 price level of the BCH price action (4 hour daily chart). A contracting triangle only indicates the price-building energy. The support of the contracting triangle is near the 50 percent Fibonacci retracement level of the upside momentum from lows of $217 to $241 highs.

What to expect from BCH/USD pair?

If there is a bullish break beyond the contracting triangle resistance, the BCH/USD pair is likely to rise past the $240 resistance and the $241 swing highs. The subsequent resistance zone is near $250, from which the price of BCH can surge towards $258 if it can clear the $250 resistance.  

Bitcoin cash price analysis: Buyers targeting key bullish breakout 2
BCH/USD price chart: TradingView

On the contrary, if the BCH/USD pair sinks below the triangle’s support past the $225 key support zone, the subsequent support is at $210 and $200. Currently, the price of BCH is consolidating gains underneath the $240 defiance zone. The BCH/USD pair may either surge past the $240 resistance or sink to reach the $200 support.

The $200 price zone culminated the drop earlier this month, and has been serving as a tremendous technical support since April. As per the charts, if BCH price dives below $200, it could test $180 and even reach 2020s low of $130.  

#BitcoinCash is spreading in ways #Bitcoin no longer can. https://t.co/NWlZsFCaap pic.twitter.com/kODQjFpLBl

— Roger Ver (@rogerkver) September 17, 2020
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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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