- The price of Bitcoin Cash is near a key inflection zone
- BCH price could rally once more
- Bitcoin cash corrected lower from $270
Bitcoin Cash News Today – the price of BCH corrected lower from $270 which is resistance. BCH/USD appears to be set for its next crucial break above $260 or to $230 which is a support. The price of Bitcoin Cash is trading at $250 which is a support zone. The coins’ price must break $260 which is a resistance area to initiate a fresh growth in the near-term outlook.
BCH has a key contracting triangle with resistance at $255 via the 4-hour chart. The pair could rally sharply above the $260 point or initiate a fresh drop below the $250 support. After a strong rise above the $250 position, the coins’ price found sellers at $268. The price of BCH formed a new high near the $268 area and recently initiated a downside correction.
BCH/USD is Approaching it’s Next Key Break
BCH broke below $265 and further below to $250. It formed a low near $246. Now it’s is currently above the 100-day SMA via the 4-hour chart. BCH’s last swing high was $263 and its recent low was $246. Bitcoin Cash price is now trading above the $250 support area. It touched the 50% Fib retracement via the recent drop from $263 to $246.
There is an important contracting triangle with resistance near the $255 area for BCH via the 4-hour chart. The above-mentioned triangle resistance is near the 61.8% Fib retracement of the recent drop from $263 to $246. An upside break above this triangle resistance and $260 could allow the coin to initiate a fresh rise. The next key hurdle for BCH is $268 and $270. Above these positions, the bulls will aim to test $300 in the near-term outlook.
Could BCH be Set for a Downside Break?
If the price of Bitcoin Cash manages to breaks off from its triangle support, then the coin could struggle to stay ahead of the $246 swing low. BCH/USD has its next major support point at the $244 position or the 100-day simple moving average via the 4-hour time frame. If the digital asset posts any further losses, then it could initiate a steady decline to the $230 support area.
All in all, the price of BCH could rally sharply above the $260 area or begin afresh drop below the $250 point. The Technical Indicators for BCH/USD shows that the MACD pattern is still struggling to gain momentum inside the bullish position. The RSI (Relative Strength Index) is currently seating just beneath the 50 level. BCH/USD also has it’s key support price positions at $250 and $246 respectively.
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.