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Price Analysis: Does Bitcoin Cash (BCH) Risk Dropping Below $230
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Price Analysis: Does Bitcoin Cash (BCH) Price Risk Dropping Below $230

  • Bitcoin cash (BCH) price started a fresh decline from the $300 zone against the US Dollar.
  • The price is now trading below the $255 zone and the 55 simple moving average (4 hours).

The price of Bitcoin cash (BCH) is struggling below the $250 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $248 or $255.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to continue higher above the $300 resistance zone. BCH formed a short-term top near $290 before it started a fresh decline. 

There was a drop below the $265 and $255 support levels.

There was a break below a key bullish trend line with support at $255 on the 4-hour chart of the BCH/USD pair. It even declined below the $240 support level. 

See Also: Bitcoin Price Drops Below $41K, Its Lowest Since BTC ETF Approval

The price tested the $235 support. A low has formed near the $233.01 level and the price is now consolidating losses.

Bitcoin cash is now trading below the $255 zone and the 55 simple moving average (4 hours). If there is a fresh increase, it could face resistance near the $248 level. 

It is close to the 23.6% Fib retracement level of the downward move from the $298 swing high to the $233 low.

The first major resistance is near the $255 level. Any more gains above $255 could set the pace for a move toward the $265 level. 

It is near the 50% Fib retracement level of the downward move from the $298 swing high to the $233 low.

If there is a move above the $265 resistance, the price could rise toward the $280 zone. If not, the price might continue lower below $233.

Immediate support on the downside is near the $222 zone. The next major support is near the $215 level, below which the bears might aim for $202 or even $200.

Looking at the chart, Bitcoin cash price is now trading below the $255 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $255 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 – $233 and $222.
  • Key Resistance Levels – $248 and $255.

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