• Bitcoin cash price failed to clear the $310-311 resistance area and declined recently against the US Dollar.
  • The price broke the $280 support level and traded close to the $257 support area.
  • There are two bearish trend lines in place with resistance near $290 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains at a risk of a sharp decline if there is a downside break below the $250 support.

Bitcoin cash price is currently under a lot of pressure below the $280 level against the US Dollar. BCH could tumble towards the $220 level if there is a break below $257 and $250.

Bitcoin Cash Price Analysis

There was a slow and steady decline started in bitcoin cash from the $332 swing high against the US Dollar. The BCH/USD pair traded below the $320 and $310 levels to move into a bearish zone. Later, the price made an attempt to climb above $310-311, but it failed. As a result, there was a sharp decline below $300 and the price settled below the 55 simple moving average (4-hours). The price broke the $285 and $280 support levels to move further into a bearish zone.

It tested the key $257 support level and currently consolidating losses. An immediate resistance is near $269 and the 23.6% Fib retracement level of the last decline from the $311 high to $257 low. The next key resistance is near the $285 level. It represents the 50% Fib retracement level of the last decline from the $311 high to $257 low. Besides, there are two bearish trend lines in place with resistance near $290 on the 4-hours chart of the BCH/USD pair.

The trend lines coincide with the 55 simple moving average (4-hours) plus the 61.8% Fib retracement level of the last decline from the $311 high to $257 low. Therefore, if there is an upside correction, the price could face a strong resistance near $285 or $290. A successful close above $295 and the 55 SMA is must for more upsides in the near term.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly struggling below the $285 level. If there is a downside break below the $257 support, there could be a strong decline. Additionally, a break below the $250 support could kick start a major decline. The next key supports are near $220 and $210.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently placed heavily in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level, with a bearish angle.

Key Support Levels – $257 and $250.

Key Resistance Levels – $285 and $290.

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