- The Bitcoin Cash is trading above $240
- BCH is now facing strong resistance near the $245 zone.
After forming a base above the $220 level, Bitcoin Cash price started a steady increase. It broke the $225 resistance to enter a positive zone before dropping slightly, like Bitcoin and Ethereum.
There was a break above a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair. There was a strong increase above the $232 and $245 resistance levels. The price is up over 10% and it is now testing the $250 resistance.
BCH is now showing positive signs above $245 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the upward move from the $219 swing low to the $250 high.
The price is now struggling to clear the $250 resistance. To continue higher, the price must settle above $250. The next major resistance is near $265, above which the price might accelerate higher toward the $280 level. Any further gains could lead the price toward the $300 resistance zone.
Fresh Drop in BCH?
If Bitcoin Cash price fails to clear the $250 resistance, it could start a fresh decline. Initial support on the downside is near the $245 level.
The next major support is near the $232 level or the 61.8% Fib retracement level of the upward move from the $219 swing low to the $255 high, where the bulls are likely to appear.
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If the price fails to stay above the $232 support, the price could test the $225 support. Any further losses could lead the price toward the $220 zone in the near term.
Technical Indicators
- 4-hour MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
- 4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone.
- Key Support Levels – $245 and $232.
- Key Resistance Levels – $250 and $260.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
