Bitcoin Cash has shown decent strengthening over the last seven days. The onset of 2020 has given a 19.18% push to the BCH price. It is currently roaming around $242.68. The bullish trend is likely to continue further.
BCH Gains Momentum After Correction
On January 02, BCH coin started the day at $203.62, and over the next 24 hours, it got weakened by 5.90% to find itself at $191.61. This was the only time Bitcoin Cash had to face a price correction. From January 03, the currency started pulling all strings possible for decent growth. By January 06, it managed an addition of $45.55 to its value and locked the price at $237.16. This was followed by another event of increment to the extent of 5.93%. This last variation pushed BCH price to a newer height at $251.39 by 01:10 UTC of January 08. The current price of Bitcoin Cash has been down to $242.68 from $251.39.
The market cap, over the last week, went through a massive change. On January 02, it was 3.561 billion USD, whereas the current market cap stands at 4.405 billion USD.
BCH’s current price is trading above its both 50 days MA ($238.82) and 20 days MA ($239.9). The difference in the current value and the averages seems on the higher side. This has retained the hope amongst investors that the coin would continue a bullish run. As per our BCH price forecast, the next stoppage for Bitcoin Cash may come at the resistance point of $250.11. It should be noted that BCH is unlikely to be shielded from intraday market volatility over the next few days.
| Bitcoin Cash (BCH) | Resistance and Support Levels |
| 1st Resistance | $250.11 |
| 2nd Resistance | $259.16 |
| 3rd Resistance | $267.02 |
| 1st Support | $233.2 |
| 2nd Support | $225.34 |
| 3rd Support | $216.29 |
