Bitcoin Cash price analysis: $330 is hard to reach and a dip is around the corner

Bitcoin Cash price took a plunge up to three hundred and twenty dollars ($320) and then came back down, passing through the three hundred and ten dollars ($310) support and then later breaking the three hundred and five dollars ($305) support as well.

Bitcoin Cash trades at three hundred and four dollars ($304.46) at the time of writing. The twenty-four (24) hour trading volume is priced at one billion dollars (1,583,701,774). The market capital for Bitcoin Cash is valued at five billion dollars ($5,489,954,311). Since July 14, Bitcoin Cash price has been trading sideways with very less action seen from BCH except for a few spikes that have been trying to make it to three hundred and thirty dollars ($330). The consolidation period might last a bit longer.

Bitcoin Cash price analysis: $330 is hard to reach and a dip is around the corner 2

Bitcoin Cash price chart by TradingView

Bitcoin Cash price to make it past hurdles

On the topside, we have three hundred and thirty dollars ($330) acting as the main resistance mark. The bulls try to pull past it but the bears won’t allow them, this results in BCH falling back to near two hundred dollars ($200) marks. Three hundred and twenty dollars ($320) has been breached a couple of times now but BCH fails to keep above this mark for long and thus a minor resistance mark has been created here. The three hundred and ten dollars ($310) mark has also turned into a resistance mark from being support.

If the three hundred and ten dollars ($310) resistance is broken then the bulls might pull BCH to three hundred and twenty dollars ($320) but above that, there is no guarantee. A favorable trend would be set once the price goes down and rebounds to test the three hundred and thirty dollars ($330) mark then we might see BCH going far up.

To the south, we have three hundred dollars as the major support mark for BCH. If the price rebounds from the three hundred dollars mark ($300), it might make it above the three hundred and thirty dollars ($330) resistance.

Bitcoin Cash price analysis: $330 is hard to reach and a dip is around the corner 3

Bitcoin Cash price chart by TadingView

Crypto trader mycotoxin seems to think that BCH will eventually be testing the two hundred and ninety-four dollars ($294) support and if this support mark does not stand strong then the two hundred and eighty-three dollars ($283) dollars support will be tested.