Bitcoin Cash Analysis: Bitcoin Cash (BCH) Faced with an Uphill Task as It Finds Support near $1,220

Most of the leading digital currencies saw a dramatic decline in value in the past couple of weeks, but most of them are beginning to recover and Bitcoin Cash is not left behind. The value of Bitcoin Cash (BCH) is gradually recovering from $1,220 against the USD. The BCH/USD pair might correct very soon, but breaking above the $1350 mark will not be easy.

The Resistance of Bitcoin Cash

In the past 24 hours, there was drastic decline below $1300 in the value of bitcoin cash against the USD. The value even went below the support level of $1240 and nearly tested the support level of $1200. A low was formed close to the $1,220 mark before the digital currency began an upward movement.

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The digital currency moved above the 23.6 percent Fibonacci level of the previous decline from the high of $1,490 to the low of $1,220. The cryptocurrency also succeeded in exceeding the resistance level of $1,300, but there are a lot of obstacles on the upward trend. A short-term bearish trendline is also developing with a resistance level of $1,340 on the hourly chart of the value of Bitcoin Cash against the US dollar.

The Barriers of the Digital Currency

Also, the 50 percent Fibonacci retracement level of the previous decline from the high of $1,490 to the low of $1,220 is placed close to the $1,360 mark to act as a critical resistance. In fact, it appears that there is a key barrier building up close to the resistance levels of $1,340 and $1,350. A break above the $1,350 mark might push the value of the digital currency towards the 100 hourly SMA.

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The MACD is gradually moving in the bullish zone, the major support level of the digital currency is $1,240, and the key resistance level is $1,350.


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