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Bitcoin Cash Price Analysis: BCH Looking at $1,100 But Can Dip to Form Support at $950

In the last 24 hours, BCH scaled up on the price charts with an impressive bull run against the USD. BCH/USD started the trading at a morning high of $1012.3 just short of a major resistance level which formed at $1023.67.  BCH/USD pair took a dip to $990.3 low then later connected a bullish trend line to $1000, before BCH reversed its progress to an intraday low of $975. The day’s high and low stayed clear of major support level with BCH putting a show of strength by holding on to $1000 level throughout the day. For the rest of the day, BCH/USD pulled back and forth away from the resistance level of $1000. At the time of writing, BCH was valued at $1055.9.

BCH broke through today’s first resistance level at $1023.67 and later supported a run at the day’s second resistance level at $1040.33, before a reversal that continued to through the rest of the day. The extended bearish trend remained intact in spite of BCH buyers showing up to drive an upward momentum. BCH pulled back to a major support level at $982.67 before making a comeback through to $1000 level.

Bitcoin Cash currently has a market cap of $18. 41 billion, with a total of $632.97 million worth of BCH traded in the last 24 hours, but many analysts believe that the amount of BCH traded daily will go up as adoption and new listings increase.

Recently, the International financial consulting firm deVere Group announced that they had added BCH to their cryptocurrency exchange. The cryptocurrency exchange by deVere Group, which is mobile-based, allows its users to store, transfer and exchange their BCH alongside other cryptocurrencies listed on the exchange, which include BTC, ETH, LTC, XRP, among others.

In the meantime, the BCH/USD pair looks like it will close the day on a positive note, marked green. BCH prices could continue to breakout and clear major resistance levels beyond the $1000 area, saving Bitcoin Cash from another weekly loss. Since Bitcoin Cash has already initiated an upside momentum, improving significantly above the current price of $1055 might subject BCH to the $1100 level if more buyers begin trading BCH more vigorously. On the downside, BCH could dip against the USD, below the $975 level and form a new support level at $950 and attract losses.

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Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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