HomeAltcoin NewsBitcoin Cash Analysis: Risk of More Losses Below $215

Bitcoin Cash Analysis: Risk of More Losses Below $215

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  • Bitcoin cash price started a fresh decline from the $288 zone against the US Dollar.
  • The price is now trading below the $250 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $245 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 $288 resistance zone. BCH formed a short-term top near $287 before it started a fresh decline. There was a drop below the $265 and $250 support levels.

It even declined below the $240 support level. The price tested the $215 support. A low is formed near the $214.01 level and the price is now correcting losses. It climbed a few points higher above the $220 level. There was a move above the 23.6% Fib retracement level of the downward move from the $287.634 swing high to the $214.01 low.

However, BCH is now trading below the $250 zone and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $245 on the 4-hour chart of the BCH/USD pair.

Immediate resistance is near the trend line at $245. The next key resistance is near the $250 zone. It is close to the 50% Fib retracement level of the downward move from the $287.634 swing high to the $214.01 low. Any more gains above $250 could set the pace for a move toward the $270 level.

If there is a move above the $270 resistance, the price could rise toward the $288 zone. If not, the price might continue lower below $230. Immediate support on the downside is near the $220 zone. The next major support is near the $215 level, below which the bears might aim for $202 or even $200.

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 – $220 and $215.

Key Resistance Levels – $245 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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