Bitcoin cash price is up by 5.68% or $14.34 at 267.00 in today’s trading following its first halving event since forking away from Bitcoin. ‘Halving’ refers to the event wherein the rate at which new bitcoin cash is cut in half. Block rewards in the cryptocurrency was reduced from 12.5 to 6.25 BCH. Because the event resulted to a lower supply of Bitcoin cash, BCHUSD traded higher.
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Bitcoin Cash Price Outlook
On the daily time frame, it can be seen that Bitcoin cash price is testing the 200 SMA for resistance. If the cryptocurrency is unable to close above the SMA at 268.93, it could mean that there may be enough sellers in the market to push bitcoin cash price lower. Near-term support is on the medium-term trend line (from connecting the lows of March 29, April 1, and April 5) at 244.55 on the 4-hour time frame.
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It’s also worth pointing out that BCHUSD is trading at a support level. By connecting the lows of April 5 and April 7, the cryptocurrency can be seen testing the rising trend line. When you draw the Fibonacci retracement tool from yesterday’s low to today’s high, it can also be seen that its current price, 266.30, coincides with the 50% Fib level. If support holds, the next resistance level for the cryptocurrency would be at yesterday’s highs at 280.54.More content
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