Bitcoin cash price started a downside correction from the 0 zone against the US Dollar. The price is now trading above the 5 zone and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near 8 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair could continue to move down if it breaks the 0 and 5 support levels. Bitcoin cash price is declining from the 0 zone against the US Dollar, like Bitcoin. BCH/USD must stay above 5 to start a fresh increase. Bitcoin Cash Price Analysis Bitcoin Cash price was able to gain pace for a move above the 5 and 0 resistance levels. BCH even traded above the 0 level before the bears appeared. There was a break above a key
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Bitcoin cash price started a downside correction from the $230 zone against the US Dollar.
- The price is now trading above the $195 zone and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $208 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it breaks the $200 and $195 support levels.
Bitcoin cash price is declining from the $230 zone against the US Dollar, like Bitcoin. BCH/USD must stay above $195 to start a fresh increase.
Bitcoin Cash Price Analysis
Bitcoin Cash price was able to gain pace for a move above the $195 and $200 resistance levels. BCH even traded above the $220 level before the bears appeared.
There was a break above a key bearish trend line with resistance near $208 on the 4-hour chart of the BCH/USD pair. A high was formed near $228.46 before the price started a downside correction. There was a clear move below the $225 and $220 support levels.
The pair traded below the 23.6% Fib retracement level of the upward move from the $164.16 swing low to the $228.46 high. The bears even pushed the price below the $210 support.
It is now trading above the $195 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $215 level. The main resistance sits near the $225 level or $230. Any more gains above $230 could set the pace for a move toward the $250 level.
If there is a move above the $250 resistance, the price could rise toward the $265 zone. If not, the price might continue lower below $210.
Immediate support on the downside is near the $200 zone. The next major support is near the $195 level or the 50% Fib retracement level of the upward move from the $164.16 swing low to the $228.46 high, below which the bears might aim for $180. The next target for them may perhaps be near the $165 level.
Looking at the chart, Bitcoin Cash price is now trading above the $195 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $200 and $195 support levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.
Key Support Levels – $200 and $195.
Key Resistance Levels – $225 and $230.