HomeAltcoin NewsBitcoin Cash Analysis: More Pain Ahead for The Bulls?

Bitcoin Cash Analysis: More Pain Ahead for The Bulls?

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  • Bitcoin cash price started a fresh decline from the $270 zone against the US Dollar.
  • The price is now trading below the $250 zone and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support at $238 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 $250 resistance zone.

Bitcoin cash price is struggling below the $250 zone against the US Dollar, unlike Bitcoin. BCH/USD could restart its decline if it fails near $245 or $250.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to continue higher above the $270 resistance zone. BCH traded as high as $269 before it started a fresh decline. There was a drop below the $265 and $262 support levels.

Besides, there was a break below a key bullish trend line with support at $238 on the 4-hour chart of the BCH/USD pair. It even dropped below the $250 support level. The price tested the $230 support. A low is formed near the $230.61 level and the price is now consolidating losses.

BCH is now trading below the $250 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $240 level or the 23.6% Fib retracement level of the downward move from the $269 swing high to the $230 low.

The next key resistance is near the $250 zone. It is close to the 50% Fib retracement level of the downward move from the $269 swing high to the $230 low. Any more gains above $250 could set the pace for a move toward the $265 level.

If there is a move above the $265 resistance, the price could rise toward the $280 zone. If not, the price might continue lower below $230. Immediate support on the downside is near the $225 zone. The next major support is near the $215 level, below which the bears might aim for $207 or even $204.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $250 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $250 resistance zone.

Technical indicators

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

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

Key Support Levels – $230 and $215.

Key Resistance Levels – $240 and $250.

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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