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Bitcoin Cash Analysis: Key Breakout Zone At $312

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  • Bitcoin cash price started a fresh decline from the $322 resistance against the US Dollar.
  • The price is now trading below the $312 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $308 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair remains at a risk of a downside break below the $300 support zone in the near term.

Bitcoin cash price is struggling below $312 against the US Dollar, similar to bitcoin. BCH/USD could extend losses if there is a clear move below $295.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $320 and $322. However, BCH failed to gain pace and started a fresh decline below the $312 level.

There was a move below the $300 level and the 55 simple moving average (4-hours). The price even traded below the $295 support and traded as low as $291. Recently, there was an upside correction above the $298 and $300 levels.

The price climbed above the 50% Fib retracement level of the recent decline from the $322 swing high to $291 low. On the upside, the price is now facing resistance near the $308 level.

There is also a key bearish trend line forming with resistance near $308 on the 4-hours chart of the BCH/USD pair. The next major resistance is near the $312 level and the 55 simple moving average (4-hours). The 76.4% Fib retracement level of the recent decline from the $322 swing high to $291 low is also near $314.

A clear break above $312 and $314 might start a fresh increase. In the stated case, the price could even clear the $320 resistance zone. The next major hurdle is near the $340 level.

An immediate support on the downside is near the $300 zone. The next major support is near the $295 level, below which the bears might gain strength. The next target for them may perhaps be near the $275 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $312 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a downside break below the $300 support zone in the near term.

Technical indicators

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

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

Key Support Levels – $300 and $295.

Key Resistance Levels – $312 and $320.

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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