Bitcoin cash price started a steady decline from the 0 resistance against the US Dollar.The price broke the 0 and 0 support levels to move into a bearish zone.There is a key bearish trend line forming with resistance near 6 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair remains at a risk of more losses below the 5 support unless it surges above 0.Bitcoin cash price is showing signs of bearish continuation below the 5 support against the US Dollar. BCH/USD could only avoid more losses if it clears the 0 resistance zone.Bitcoin Cash Price AnalysisThis past week, bitcoin cash price failed to surpass the main 0 resistance zone against the US Dollar. As a result, BCH started a steady decline and broke the 0 support level.The decline
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- Bitcoin cash price started a steady decline from the $260 resistance against the US Dollar.
- The price broke the $250 and $240 support levels to move into a bearish zone.
- There is a key bearish trend line forming with resistance near $236 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of more losses below the $225 support unless it surges above $240.
Bitcoin cash price is showing signs of bearish continuation below the $225 support against the US Dollar. BCH/USD could only avoid more losses if it clears the $240 resistance zone.
Bitcoin Cash Price Analysis
This past week, bitcoin cash price failed to surpass the main $260 resistance zone against the US Dollar. As a result, BCH started a steady decline and broke the $250 support level.
The decline gained pace below the $240 support level and the 55 simple moving average (4-hours). The price traded as low as $224 and recently started an upside correction. There was a recovery wave above the $230 level.
The bulls pushed the price above the 23.6% Fib retracement level of the key drop from the $258 high to $224 low. Finally, there was a spike above the $240 level, but the price struggled to clear the 55 simple moving average (4-hours).
Bitcoin cash also failed to clear the 50% Fib retracement level of the key drop from the $258 high to $224 low. It seems like there is a key bearish trend line forming with resistance near $236 on the 4-hours chart of the BCH/USD pair.
The pair is now following a bearish path and trading well below $236 and $240. To start a steady increase, the price must surpass $236, the 55 simple moving average (4-hours), and the $240 pivot level.
Conversely, the price is likely to continue lower below the $230 support level. The main support is seen near the $225 level, below which there is a risk of more losses towards the $212 and $210 levels.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly facing an uphill task near the $236 and $240 resistance levels. Therefore, it remains at a risk of more losses below the $225 support unless it surges above $240.
Technical indicators
4 hours MACD – The MACD for BCH/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Key Support Levels – $225 and $220.
Key Resistance Levels – $236 and $240.