- Bitcoin cash price started a fresh decline from the $270 zone against the US Dollar.
- The price is now trading below the $250 zone and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $238 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 $270 resistance zone. BCH traded as high as $269 before it started a fresh decline. There was a drop below the $265 and $262 support levels.
Besides, there was a break below a key bullish trend line with support at $238 on the 4-hour chart of the BCH/USD pair. It even dropped below the $250 support level. The price tested the $230 support. A low is formed near the $230.61 level and the price is now consolidating losses.
BCH is now trading below the $250 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $240 level or the 23.6% Fib retracement level of the downward move from the $269 swing high to the $230 low.
The next key resistance is near the $250 zone. It is close to the 50% Fib retracement level of the downward move from the $269 swing high to the $230 low. Any more gains above $250 could set the pace for a move toward the $265 level.
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 $230. Immediate support on the downside is near the $225 zone. The next major support is near the $215 level, below which the bears might aim for $207 or even $204.
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 – $230 and $215.
Key Resistance Levels – $240 and $250.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-more-pain-ahead-for-the-bulls/
- :is
- :not
- 23
- 50
- 521
- a
- above
- against
- ahead
- aim
- analysis
- and
- any
- AS
- At
- average
- BCH
- BCH/USD
- bearish
- Bears
- before
- below
- Bitcoin
- Bitcoin Cash
- Bitcoin News
- Break
- Bullish
- Bulls
- Cash
- Chart
- Close
- coinbase
- consolidating
- continue
- could
- data
- Decline
- Dollar
- downside
- downward
- Drop
- dropped
- Even
- fails
- For
- formed
- fresh
- from
- gaining
- Gains
- High
- higher
- HOURS
- HTTPS
- if
- immediate
- in
- index
- IT
- ITS
- Key
- key resistance
- Level
- levels
- Line
- live
- Live Bitcoin News
- losses
- Low
- lower
- MACD
- major
- max-width
- might
- more
- move
- moving
- moving average
- Near
- news
- next
- now
- of
- on
- or
- overall
- Pace
- Pain
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- relative
- relative strength index
- Resistance
- retracement
- Rise
- rsi
- set
- Simple
- start
- started
- strength
- Struggling
- support
- support level
- support levels
- Swing
- tested
- The
- There.
- to
- toward
- traded
- Trading
- TradingView
- Trend
- unlike
- us
- US Dollar
- was
- which
- with
- zephyrnet