HomeAltcoin NewsBitcoin Cash Analysis: Key Resistance Intact But Bears Losing Strength

Bitcoin Cash Analysis: Key Resistance Intact But Bears Losing Strength

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  • Bitcoin cash is attempting a recovery wave above the $220 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 major bearish trend line forming with resistance near $223 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $223 and $225 to start a steady upward movement in the near term.

Bitcoin cash price is rising from $215 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $225 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a fresh decline from the $230 resistance zone. BCH declined below the $225 support zone. It even spiked below the $220 support zone before the bulls appeared.

A low is formed near $219.39 and the price is now attempting a recovery wave. There was a move above the $222 resistance zone. The price surpassed the 23.6% Fib retracement level of the downward move from the $230.33 swing high to the $219.39 low.

Bitcoin cash is now trading below the $225 zone and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $223 on the 4-hour chart of the BCH/USD pair.

On the upside, the price is facing resistance near the $223 level. The next major resistance is near the $225 level or the 50% Fib retracement level of the downward move from the $230.33 swing high to the $219.39 low, above which the price may perhaps rise toward the $230 level.

Any more gains above $230 could set the pace for a move toward the $243 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 $216 level. The next major support is near $212, 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 $225 zone and the 55 simple moving average (4 hours). Overall, the price must clear $223 and $225 to start a steady upward movement in the near term.

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 – $220 and $216.

Key Resistance Levels – $223 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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