Home / Altcoins / Bitcoin Cash Analysis: Risk of Downside Break Below $250

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

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes Visa CEO Alfred Kelly Believes the Future of Crypto Is Solid

Nick Marinoff writes Cathie Wood: Bitcoin Will Easily Reach Half a Million

Nick Marinoff writes Ricardo Salinas Pliego Says It Was His Government That Made Him Get Involved in BTC

Aayush Jindal writes Stellar Lumen (XLM) Price Gaining Bullish Momentum, Bulls Aim %related_posts%.12

  • 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.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *