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Bitcoin Cash (BCH) blasts to new $2019 highs

FX Street
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  • Bitcoin Cash corrects above $200 for the first time in 2019.
  • BCH bulls must defend $200 short-term support to avoid declines.

BCH/USD is in an upward roll following the 20% rise on Tuesday. The crypto has corrected above the key $200 for the first time in 2019. Following the hard fork split of the original Bitcoin Cash network, the price of BCH/USD plunged to all-time lows around $73 in December 2018.

Over the past three months, Bitcoin Cash has battled against all odds to regain its value following the devastating drop mentioned. The gains in the crypto market are largely connected to Bitcoin (BTC) which traded above $5,000 for the first time in 2019. However, unlike Bitcoin Cash, Bitcoin has retreated to test the support at $4,700.

In the meantime, Bitcoin Cash is trading at $201. After blasting past $200 the bulls increased the gains towards $210 but formed a high at $209.63 before the trend reversed. The buyers are tasked with the mission of ensuring that BCH/USD does not drop below $200 a move that could result in extended declines towards $100 (key support).

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