Bitcoin cash price started a sharp decline after trading as high as 3 against the US Dollar.The price broke the 0 support and settled below the 55 simple moving average (4-hours).There was a break below a crucial contracting triangle with support at 0 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair could restart its upward move if there is a clear break above the 0 and 8 levels.Bitcoin cash price is holding the 0 support zone and recovering against the US Dollar, similar to bitcoin. BCH/USD is likely to rise sharply if it clears the 0 resistance.Bitcoin Cash Price AnalysisThis week, bitcoin cash price saw a lot of swing moves above 0 against the US Dollar. BCH price surged above the 0 level before the bears appeared near the 0-5
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Bilal Hassan writes DekaBank Partners with Boerse Stuttgart for Crypto Trading
Bilal Hassan writes Ukraine Eyes Crypto Tax to Support State Budget and Defense
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
- Bitcoin cash price started a sharp decline after trading as high as $373 against the US Dollar.
- The price broke the $300 support and settled below the 55 simple moving average (4-hours).
- There was a break below a crucial contracting triangle with support at $320 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could restart its upward move if there is a clear break above the $280 and $288 levels.
Bitcoin cash price is holding the $250 support zone and recovering against the US Dollar, similar to bitcoin. BCH/USD is likely to rise sharply if it clears the $280 resistance.
Bitcoin Cash Price Analysis
This week, bitcoin cash price saw a lot of swing moves above $300 against the US Dollar. BCH price surged above the $350 level before the bears appeared near the $370-$375 zone.
A high was formed near $373 before the price started a sharp decline. There was a break below the $350 support level. There was also a break below a crucial contracting triangle with support at $320 on the 4-hours chart of the BCH/USD pair.
The pair spiked below the $300 support level and settled below the 55 simple moving average (4-hours). Finally, it found support near the $250 level and a low is formed near $251.
The price is currently recovering and trading above the $265 level. An initial resistance on the upside is near the $280 level. It is close to the 23.6% Fib retracement level of the downward move from the $373 swing high to $251 low.
The next major resistance is near the $288 level and the 55 simple moving average (4-hours). A clear break above the $280 and $288 levels could lift the price towards the $300 resistance. The next major resistance is near the $312 level or the 50% Fib retracement level of the downward move from the $373 swing high to $251 low.
Conversely, the price could fail to clear the $280 and $288 resistance levels. On the downside, the $255 and $250 levels are important supports. A clear break below the $250 level might lead the price towards $230.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is recovering higher from $250. Overall, the price could restart its upward move if there is a clear break above the $280 and $288 levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering towards the 40 level.
Key Support Levels – $255 and $250.
Key Resistance Levels – $280 and $288.