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Bitcoin Cash Price Update: BCH/USD hunt for formidable support kicks off

  • Bitcoin Cash transactions set to launch on over 13,000 Mecon Cash ATM’s in South Korea.
  • Bitcoin Cash is likely to embrace a sideways trading trend above $330 but the support at $300 is still in grave danger.

Bitcoin Cash is in the middle of a tactical retreat from the recent high at $403. Reversal towards $400 have become untenable, however, the bulls are careful not lose imbalance and find BCH under the key $300 level.

The trading activities on Sunday had he bulls strongly back into action. BCH spiked above $360 but hit a snag at $364. The resistance at $370 was left untested. Instead, the price entered into a reversal phase that has seen Bitcoin Cash test the support at

$330.

Bitcoin Cash support on Mecon Cash’s M.Pay platform

Bitcoin.com has partnered with Mecon Cash. The collaboration over 13,000 ATMs in South Korea support BCH withdrawal in the form of the local currency, won. The support is to ensure that the users of Mecon Cash are able to transact BCH urgently and even in small amounts in all places that have no access to peer-to-peer electronic cash systems. A statement by the chairman of Mecon Cash, Jo Joe Do states:

Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market.

Meanwhile, Bitcoin Cash is trading at $331. The support at $330 is still intact, although bearish pressure is mounting. The Moving Average Convergence Divergence is still largely bullish and could be the reason why BCH is able to sustain the price above $330 and $300. Looking at the RSI’s sideways movement at 70, BCH is likely to take on a ranging trend, preferably above $330. However, the support at $330

Bitcoin Cash support on Mecon Cash’s M.Pay platform

Bitcoin.com has partnered with Mecon Cash. The collaboration over 13,000 ATMs in South Korea support BCH withdrawal in the form of the local currency, won. The support is to ensure that the users of Mecon Cash are able to transact BCH urgently and even in small amounts in all places that have no access to peer-to-peer electronic cash systems. A statement by the chairman of Mecon Cash, Jo Joe Do states:

Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market.

Meanwhile, Bitcoin Cash is trading at $331. The support at $330 is still intact, although bearish pressure is mounting. The Moving Average Convergence Divergence is still largely bullish and could be the reason why BCH is able to sustain the price above $330 and $300. Looking at the RSI’s sideways movement at 70, BCH is likely to take on a ranging trend, preferably above $330. However, the support at $330 is still in the line of danger.

Bitcoin Cash support on Mecon Cash’s M.Pay platform

Bitcoin.com has partnered with Mecon Cash. The collaboration over 13,000 ATMs in South Korea support BCH withdrawal in the form of the local currency, won. The support is to ensure that the users of Mecon Cash are able to transact BCH urgently and even in small amounts in all places that have no access to peer-to-peer electronic cash systems. A statement by the chairman of Mecon Cash, Jo Joe Do states:

Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market.

Meanwhile, Bitcoin Cash is trading at $331. The support at $330 is still intact, although bearish pressure is mounting. The Moving Average Convergence Divergence is still largely bullish and could be the reason why BCH is able to sustain the price above $330 and $300. Looking at the RSI’s sideways movement at 70, BCH is likely to take on a ranging trend, preferably above $330. However, the support at $330 is still in the line of danger.

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Bitcoin Cash (BCH/USD) forecast and analysis on February 25, 2020

Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 390. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on February 25, 2020

As part of the Bitcoin Cash forecast, a test of level 405 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 342. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 406.

Bitcoin Cash (BCH/USD) forecast and analysis on February 25, 2020

Cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​430. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on February 25, 2020 implies a test level of 405. Further, it is expected to continue falling to the area below the level of 342. The conservative sales area is located near the area of ​​406. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 430. In this case, we should expect continued growth.

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Bitcoin Cash could shoot to $442 or dip to $352 over the next week

After touching nearly $500 in mid-February, Bitcoin Cash steadily made its way to the $370 level over the week that followed. Since then, members of the community have been eagerly anticipating a revisit of the $425 level, something that could happen in the next few days. However, a far more devastating dip could be in store as well.

According to CoinMarketCap, Bitcoin Cash had a market capitalization of over $7.1 billion, at press time, and was recording a 1.89% drop over the last 24-hours.

Source: Coinstats

Bitcoin Cash 1-hour chart

Bitcoin Cash

Source: BCH/USD on TradingView

Bitcoin Cash appeared to have been moving through an ascending channel over the last few days. These patterns have an equal chance of bullish and bearish breakout outcomes, though an upward movement seems likely in the current scenario.

At the time of analysis, BCH‘s price was testing the pattern’s lower boundary, which could either result in a downward-facing breakout or a bounce-back to the upper trend line.

The Ichimoku Clouds indicator predicts potential price movements using moving averages at different intervals. Generally, green clouds under the price indicate price appreciation in the short-term. However, since the latest price candle was moving inside the cloud, some sideways movement might occur over the next couple of days.

The Stochastic RSI indicator had attempted to move back into the stable zone, but had later dipped back under, at the time of writing. The faster moving average had also crossed above the slower moving average, which is usually a sign of some bearish movement in the near future.

If Bitcoin Cash is able to push above the Ichimoku Cloud, the coin might see a rise to the upper trend line at $420 in the next week or so. This could facilitate a breakout to the next high volume node above the pattern, at the 38.2% Fibonacci retracement line ($442). However, if BCH dips lower, it could move down to the high volume node beneath the pattern, at $380, before falling to the 100% retracement line at $352 in around the same amount of time.

Volatility

Bitcoin Cash

Source: CoinMetrics

According to CoinMetrics, Bitcoin Cash’s 60-day volatility has been steadily rising since mid-January, after a sudden spike toward the start of the year. Heightened volatility could strengthen BCH‘s price movements in the coming days. However, volatility can mean downward movements too and could result in a bearish breakout in the short-term.

Conclusion

If Bitcoin Cash manages to push above the Ichimoku Clouds, BCH could push above the pattern’s upper boundary and break out to the $442 level in the next week or so. However, if bearish pressure causes the price to break under the pattern, Bitcoin Cash could be in for a devastating drop to the $352 level over the same period of time.

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Bitcoin Cash Forecast and Analysis February 24 — 28, 2020

Bitcoin Cash ends the trading week at 378.20 and continues to move as part of the correction after strong growth. Moving averages indicate a bullish trend. Prices go to test the area between the signal lines, which indicates pressure from the sellers of the coin, but the growth potential is still there. As part of the forecast for the BCH/USD rate for the next trading week, we should expect an attempt to reduce the value of the digital asset and test the support area near the level of 335.05. Where again, a rebound is expected and an attempt to grow Bitcoin Cash with a potential target above the level of 585.05.

Bitcoin Cash Forecast and Analysis February 24 — 28, 2020

An additional signal in favor of the growth of BCH/USD quotes in the current trading week February 24 — 28, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the Bitcoin Cash cryptocurrency will be a fall and a breakdown of the area of ​​245.05. This will indicate a breakdown of the support area and a continued decline in BCH/USD quotes. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 515.05.

Bitcoin Cash Forecast and Analysis February 24 — 28, 2020

Bitcoin Cash Forecast and Analysis February 24 — 28, 2020 implies an attempt to test the support area near the level of 335.05. Then continued growth to the area above the level of 585.05. An additional signal in favor of raising Bitcoin Cash will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of ​​245.05. This will indicate a continued decline in cryptocurrency with a target below the level of 195.05.

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