Bitcoin Cash News Today – Analysis for May 15

  • 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.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.