HomeAltcoin NewsBitcoin Cash Analysis: Recovery Faces Hurdle Near $225

Bitcoin Cash Analysis: Recovery Faces Hurdle Near $225

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  • Bitcoin cash price started a fresh decline from the $250 resistance 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 $225 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair might start a major increase if there is a clear move above the $225 resistance.

Bitcoin cash price is struggling below $225 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $225.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $250 and $255. However, BCH failed to gain pace and started a fresh decline below the $225 level.

There was a move below the $200 level and the 55 simple moving average (4-hours). The price even traded below the $180 support and formed a low near $150. It is now correcting losses above the $160 level. There was a move above the 50% Fib retracement level of the recent decline from the $250 swing high to $150 low.

On the upside, the price is now facing resistance near the $225 level. There is also a major bearish trend line forming with resistance near $225 on the 4-hours chart of the BCH/USD pair.

The trend line is near the 76.4% Fib retracement level of the recent decline from the $250 swing high to $150 low. The next major resistance is near the $250 level or the 55 simple moving average (4-hours). A clear break above $250 and $255 might send the price towards the $300 barrier.

Any more gains above $300 could set the pace for a larger increase. The next major hurdle is near the $320 level. An immediate support on the downside is near the $200 zone.

The next major support is near the $180 level, below which the bears might gain strength. The next target for them may perhaps be near the $150 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $225 zone and the 55 simple moving average (4-hours). Overall, the price might start a major increase if there is a clear move above the $225 resistance.

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 near the 50 level.

Key Support Levels – $200 and $180.

Key Resistance Levels – $225 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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