- Bitcoin Cash initiated a fresh decline after failing to pass $280
- The price of BCH dropped beneath the $250 and $245 support areas
- There is a crucial ascending channel with support near $235 via the 4-hour chart
Bitcoin Cash News Today – the price of Bitcoin Cash is now correcting its losses from the low of$217 it incurred recently. The BCH/USD trading pair must remain above the $230 area which is a support position if it wants to start afresh increase that will see it move above $250.
The BCH/USD trading pair could break the $245 resistance point to continue going higher or it declines further to approach the $215 region. This week has seen Bitcoin Cash’s price struggle to stay above $275 and $280 both of which are resistance levels. As a result, the price of BCH started a strong drop and breached $260 and $250 both support points.
BCH Price Traded Below $245 and the 55-day SMA
There was a close under $245 and the 55-day SMA via the 4-hour chart. BCH price traded at $217 and moved back above $225. The coin had a break ahead of the 23.6% Fib retracement via the key drop from $277 to $217. However, the BCH price is now facing strong resistance close to $245 and the 55-day SMA via the 4-hour chart. The 50% Fib retracement is also close to the $248 position.
It appears there is an important ascending channel forming. This channel has support at $235 via the 4-hour time frame. The above channel resistance is close to the $248 area which is resistance. Hence, the coins’ price must climb over the $245 and $250 resistances if it wants to continue going higher. A close above $250 which is resistance may start a decent increase to $265 and $270.
MACD is Currently Losing Momentum in the Bullish Zone for BCH/USD
Looking at the downside, there is channel support at $230. If there’s a downside break below $230, the price of BCH may struggle to remain above $225. The next key support is $216, below this area is the $202 support. The chart shows that Bitcoin Cash’s price is approaching major resistance near $245 and $250 respectively.
If the bulls fail to force a push above $250, there will be a bearish wave to $216 or $202. The technical indicators for BCH/USD show that the MACD is currently losing its momentum inside the bullish area. Via the 4-hour chart for BCH/USD RSI (Relative Strength Index), is moving down. It is heading towards the 40 levels. BCH’s key support levels over the last 24-hours of the trade include $230 and $216. While its key resistance positions are $245 and $250.