HomeAltcoin NewsBitcoin Cash Analysis: Bears In Charge Below $250

Bitcoin Cash Analysis: Bears In Charge Below $250

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  • Bitcoin cash price started a fresh decline below the $250 zone against the US Dollar.
  • The price is now trading below the $240 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $234 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $242 resistance zone.

Bitcoin cash price is declining below the $242 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $220.

Bitcoin Cash Price Analysis

Bitcoin cash price remained in a bearish zone below the $255 and $250 resistance levels. BCH traded below the $242 support level to move further into a bearish zone.

There was a clear move below the $235 zone. The price is now moving lower below the 50% Fib retracement level of the upward move from the $217 swing low to the $249 high. The bears seem to be in control below $242 and $250.

Bitcoin Cash is now trading below the $240 zone and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $234 on the 4-hour chart of the BCH/USD pair.

Immediate resistance is near the $232 level and the 55 simple moving average (4 hours). The next key resistance is near the trend line and $235. Any more gains above $235 could set the pace for a move toward the $242 level. If there is a move above the $242 resistance, the price could rise toward the $250 zone.

If not, the price might continue lower below $230. Immediate support on the downside is near the $225 zone. The next major support is near the $220 level, below which the bears might aim for $215 or even $205.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $240 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $242 resistance zone.

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 below the 50 level.

Key Support Levels – $225 and $220.

Key Resistance Levels – $235 and $242.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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