HomeAltcoin NewsBitcoin Cash Analysis: Bulls Protect Key Support But Upsides Limited

Bitcoin Cash Analysis: Bulls Protect Key Support But Upsides Limited

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  • Bitcoin cash price started a fresh decline below the $230 zone against the US Dollar.
  • The price is now trading below the $225 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $214 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a fresh decline if it stays below the $225 resistance zone.

Bitcoin cash price is struggling below the $230 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $225 or $230.

Bitcoin Cash Price Analysis

Bitcoin cash price remained in a bearish zone below the $245 and $240 resistance levels. BCH traded below the $230 support level to move again into a bearish zone.

There was a clear move below the $225 zone. The price even tested the $206 support. A low is formed near the $06.50 level and the price is now consolidating losses. BCH is now trading below the $225 zone and the 55 simple moving average (4 hours).

Immediate resistance is near the $214 level. There is also a key bearish trend line forming with resistance near $214 on the 4-hour chart of the BCH/USD pair.

The next key resistance is near the $218 zone. It is close to the 23.6% Fib retracement level of the downward move from the $256 swing high to the $206 low. The main resistance is now forming near $225 and the 55 simple moving average (4 hours).

Any more gains above $225 could set the pace for a move toward the $245 level or the 76.4% Fib retracement level of the downward move from the $256 swing high to the $206 low. If there is a move above the $245 resistance, the price could rise toward the $255 zone.

If not, the price might continue lower below $210. Immediate support on the downside is near the $206 zone. The next major support is near the $200 level, below which the bears might aim for $188 or even $185.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $225 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $225 resistance zone.

Technical indicators

4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.

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

Key Support Levels – $206 and $200.

Key Resistance Levels – $218 and $225.

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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