Bitcoin Cash Analysis: Bulls Struggle Near $255
Bitcoin cash price started a downside correction from the $294 zone against the US Dollar.
The price is now trading below the $272 zone and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $266 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair could continue to move down if it breaks the $255 and $250 support levels.
Bitcoin cash price is declining from the $294 zone against the US Dollar, like Bitcoin. BCH/USD must stay above $255 to start a fresh increase.
Bitcoin Cash Price Analysis
Bitcoin Cash price was able to gain pace for a move above the $260 and $272 resistance levels. BCH even traded above the $285 level before the bears appeared.
A high was formed near $293.98 before the price started a downside correction. There was a clear move below the $280 and $272 support levels. The pair traded below the 50% Fib retracement level of the upward move from the $232.71 swing low to the $293.98 high.
The bears even pushed the price below the $265 support. It is now trading below the $265 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $266 level.
There is also a key bearish trend line forming with resistance near $266 on the 4-hour chart of the BCH/USD pair. The main resistance sits near the $272 level. Any more gains above $272 could set the pace for a move toward the $285 level. If there is a move above the $285 resistance, the price could rise toward the $294 zone.
If not, the price might continue lower below $2565 or the 61.8% Fib retracement level of the upward move from the $232.71 swing low to the $293.98 high.
The next major support is near the $244 level, below which the bears might aim for $232. The next target for them may perhaps be near the $225 level.
Looking at the chart, Bitcoin Cash price is now trading below the $265 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $255 and $250 support levels.
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 now below the 50 level.
Key Support Levels – $255 and $244.
Key Resistance Levels – $266 and $272.
The post Bitcoin Cash Analysis: Bulls Struggle Near $255 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 23, 2024 3:18 am