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Bitcoin Cash Price Analysis: February 18

Bitcoin Cash has seen its price increase dramatically over the past 30 days. Since early February, BCH has noted gains of nearly 100% and after seeing a strong uptrend materialize, the coming week may contain a slight price correction for the price of Bitcoin Cash.

At the time of writing this article, BCH was traded at $ 757 with a market cap of over $ 13.2 billion, making it the ninth largest crypto, according to the CoinMarketCap listing. The last 24 hours have seen what could be the start of the price correction phase as the cryptocurrency failed to break through its immediate resistance level.

Bitcoin Cash 1 Day Chart

Source: BCH / USD, TradingView

Bitcoin Cash has been on a steadily rising trend for over a month now. However, the strong uptrend that the coin has benefited from over the past month may wane now. BCH has made a few attempts to break through the resistance level at $ 774, but has yet to maintain a successful breach. This can trigger a minor price correction for Bitcoin Cash. And the coin may need the help of its immediate support at $ 622 in the coming week to help stabilize its price.

BCH also appeared to benefit from a few other strong support levels at $ 539 and $ 472. However, given the bullish momentum of the larger crypto market. Price is unlikely to test these levels in the coming weeks.

Reasoning

While Bitcoin Cash has been trending north for a long time, the RSI indicator, at the time of publication, was signaling a slight dip in buyer interest as the RSI retreated from the overbought zone. The MACD indicator underwent a bullish cross at the start of the month, however, the Signal line could catch up with the MACD line if the coin does not break above the price range of $ 774. In such a case, BCH may drop to the price level of $ 622.

Since a slight correction was already underway at the time of going to press, traders may benefit from a short position.

Important levels to watch out for

Resistance: $ 774

Support: $ 622, $ 539, $ 472

Admission: $ 692

Enjoy: $ 638

Stop Loss: $ 757

Risk / reward: 0.83

Conclusion

The price of Bitcoin Cash may soon see a slight price correction. This will likely happen if the coin fails to break through its immediate resistance level.

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