HomeAltcoin NewsBitcoin Cash Analysis: Downtrend Resistance Sits at $230

Bitcoin Cash Analysis: Downtrend Resistance Sits at $230

-

  • Bitcoin cash is attempting a recovery wave from the $213 zone against the US Dollar.
  • The price is now trading below the $230 zone and the 55 simple moving average (4 hours).
  • There is a key declining channel forming with resistance near $229 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $229 and $230 to start a steady upward movement in the near term.

Bitcoin cash price is rising from $213 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $230 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a fresh decline from the $240 resistance zone. BCH declined below the $232 support zone. It even spiked below the $220 support zone before the bulls appeared.

A low is formed near $213.20 and the price is now attempting a recovery wave. There was a move above the $220 and $222 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $236.32 swing high to the $213.20 low.

Bitcoin cash is now trading below the $230 zone and the 55 simple moving average (4 hours). There is also a key declining channel forming with resistance near $229 on the 4-hour chart of the BCH/USD pair.

On the upside, the price is facing resistance near the $228 level. It is close to the 61.8% Fib retracement level of the downward move from the $236.32 swing high to the $213.20 low. The next major resistance is near the $230 level, above which the price may perhaps rise toward the $236 level.

Any more gains above $236 could set the pace for a move toward the $242 level. If not, the price might decline again. Immediate support on the downside is near the $220 level.

The first major support sits near the $215 level. The next major support is near $213, below which the bears might aim for $205. The next target for them may perhaps be near the $200 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading below the $230 zone and the 55 simple moving average (4 hours). Overall, the price must clear $228 and $230 to start a steady upward movement in the near term.

Technical indicators

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

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

Key Support Levels – $220 and $215.

Key Resistance Levels – $228 and $230.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular