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Bitcoin Cash Analysis: Risk of Downside Break Below $250

Summary:
Bitcoin cash price is holding ground above the key 2 support zone against the US Dollar.The price is now trading above the 2 support and the 55 simple moving average (4-hours).There is a major declining channel forming with resistance near 8 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair could rally significantly if it clears the 8 and 0 resistance levels.Bitcoin cash price is rising steadily above 0, similar to bitcoin above k against the US Dollar. BCH/USD is likely to break higher as long as it is above 2.Bitcoin Cash Price AnalysisThis week, bitcoin cash price trimmed gains and traded below the 0 and 5 levels against the US Dollar. BCH price even broke the 0 level and the 55 simple moving average (4-hours).However, the bulls

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  • Bitcoin cash price is holding ground above the key $242 support zone against the US Dollar.
  • The price is now trading above the $252 support and the 55 simple moving average (4-hours).
  • There is a major declining channel forming with resistance near $258 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could rally significantly if it clears the $258 and $260 resistance levels.

Bitcoin cash price is rising steadily above $250, similar to bitcoin above $18k against the US Dollar. BCH/USD is likely to break higher as long as it is above $242.

Bitcoin Cash Price Analysis

This week, bitcoin cash price trimmed gains and traded below the $260 and $255 levels against the US Dollar. BCH price even broke the $250 level and the 55 simple moving average (4-hours).

However, the bulls remained active near the $240 and $242 levels. It seems like there is a strong support base forming near the $242 level. The recent low was formed near $241 and the price is currently rising.

It is trading above the $250 resistance level. There was a break above the 23.6% Fib retracement level of the downward move from the $278 swing high to $241 low. The price is now trading above the $252 support and the 55 simple moving average (4-hours).

On the upside, there are many important hurdles near $258 and $260. There is also a major declining channel forming with resistance near $258 on the 4-hours chart of the BCH/USD pair.

The 50% Fib retracement level of the downward move from the $278 swing high to $241 low is also near the channel resistance at $260. Therefore, the price could start a strong rally if there is clear break above the $258 and $260 resistance levels.

Conversely, the price could fail to clear the $260 barrier. An initial support on the downside is near $252. The main support is near the $242 level, below which the price dive towards the $232 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearing facing a strong resistance near $258 and $260. Overall, the price could rally significantly if it clears the $258 and $260 resistance levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.

Key Support Levels – $252 and $242.

Key Resistance Levels – $260 and $275.

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