Welcome to today’s Bitcoin Cash price analysis. The coin is now is trading at around $390 following an 8% pump over the weekend. Will the BCHUSD pair continue the uptrend?
Yesterday, January 28, the price of Bitcoin Cash (BCH) was in a bullish trend. Recently, after the bulls were rejected at the $405 level, Bitcoin Cash price started a strong downside correction near the $300 support.
On January 25 a swing low was formed near $300 level. Thereafter, the price resumed its upward move. The bulls broke above the $320 resistance level to move into a bullish zone. Moreover, there was a break above the $350 and $365 levels which opened the doors for more gains.
At the time of writing this Bitcoin Cash price analysis, the coin is trading at the $390 level after a slight drop from $395 resistance.
On the upside, a successful break above the $395 resistance will likely push the price higher towards the main $400 resistance. If successful, the $415 and $425 resistance levels are most likely to surface in the medium term. On the downside, a break below the $390 level will result in the market finding support at the $365 and $350 levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of BCHUSD is in a bullish trend. However, there are slight chances of a minor correction if BCH bulls struggle to push the price above $390 resistance. In the mentioned case, an initial support is near the $380 level.
If there is an extended downside correction, BCHUSD price might decline towards the $350 support. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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