HomeAltcoin NewsBitcoin Cash Analysis: Key Breakout Resistance Sits At $250

Bitcoin Cash Analysis: Key Breakout Resistance Sits At $250

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  • Bitcoin cash is attempting a recovery wave from the $230 zone against the US Dollar.
  • The price is now trading below the $245 zone and the 55 simple moving average (4 hours).
  • There is a key rising channel forming with resistance near $255 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $250 and $250 to start a steady upward movement in the near term.

Bitcoin cash price is rising from $230 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $250 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a fresh decline from the $258 resistance zone. BCH declined below the $245 support zone. It even spiked below the $230 support zone before the bulls appeared.

A low is formed near $227 and the price is now attempting a recovery wave. There was a move above the $232 and $235 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $257.84 swing high to the $227.11 low.

Bitcoin cash is now trading below the $245 zone and the 55 simple moving average (4 hours). There is also a key rising channel forming with resistance near $255 on the 4-hour chart of the BCH/USD pair.

On the upside, the price is facing resistance near the $242 level. It is close to the 50% Fib retracement level of the downward move from the $257.84 swing high to the $227.11 low. The next major resistance is near the $250 level, above which the price may perhaps rise toward the $255 level.

Any more gains above $255 could set the pace for a move toward the $270 level. If not, the price might decline again. Immediate support on the downside is near the $235 level.

The first major support sits near the $230 level. The next major support is near $227, below which the bears might aim for $220 The next target for them may perhaps be near the $212 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading below the $245 zone and the 55 simple moving average (4 hours). Overall, the price must clear $250 and $255 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 above the 50 level.

Key Support Levels – $235 and $230.

Key Resistance Levels – $250 and $255.

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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