HomeAltcoin NewsBitcoin Cash Analysis: Risk of More Losses Below $270

Bitcoin Cash Analysis: Risk of More Losses Below $270

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  • Bitcoin cash price started a fresh decline from the $300 resistance against the US Dollar.
  • The price is now trading below the $280 zone and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $281 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 $270 support zone in the near term.

Bitcoin cash price is struggling below $300 against the US Dollar, similar to bitcoin. BCH/USD could extend losses if there is a clear move below $270.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $300 and $302. However, BCH failed to gain pace and started a fresh decline below the $290 level.

There was a move below the $285 level and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $281 on the 4-hours chart of the BCH/USD pair. The price even traded below the $280 support and formed a low near $272. It is now consolidating losses near the $275 level.

On the upside, the price is now facing resistance near the $280 level. The 23.6% Fib retracement level of the recent decline from the $302 swing high to $272 low is also near the $280 level.

The next major resistance is near the $288 level or the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $302 swing high to $272 low is also near $288. A clear break above $288 and $290 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 $272 zone.

The next major support is near the $270 level, below which the bears might gain strength. The next target for them may perhaps be near the $250 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $300 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a downside break below the $270 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 below the 50 level.

Key Support Levels – $270 and $250.

Key Resistance Levels – $288 and $300.

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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