Bitcoin Cash Analysis: Can Bulls Protect This Crucial Support? | Live Bitcoin News

Bitcoin cash price is correcting losses from the $217 low against the US Dollar. BCH/USD must stay above the $230 support to start a fresh increase above $250.

Bitcoin Cash Price Analysis

This past week, bitcoin cash price struggled to continue above the $275 and $280 resistance levels against the US Dollar. As a result, BCH started a strong decline and broke the $260 and $250 support levels.

Besides, there was a close below the $245 level and the 55 simple moving average (4-hours). The price traded as low as $217 and it is now back above the $225 pivot level.

There was a break above the 23.6% Fib retracement level of the key decline from the $277 high to $217 low. However, bitcoin cash price is currently facing a strong resistance near the $245 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the key decline from the $277 high to $217 low is also near the $248 level. It seems like there is a key ascending channel forming with support near $235 on the 4-hours chart of the BCH/USD pair.

The channel resistance is near the $248 resistance. Therefore, the price must climb above the $245 and $250 resistance levels to continue higher. A successful close above the $250 resistance might start a decent increase towards the $265 and $270 level.

On the downside, the channel support and $230 holds the key. If there is a downside break below the $230 support, the price may even struggle to stay above the $225 pivot. The next key support is near $216, below which the bears are likely to aim a test of the $202 support zone.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly approaching a major resistance zone near the $245 and $250 levels. If the bulls fail to push the price above $250, there could be a sharp bearish wave towards $216 or $202.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is moving down towards the 40 level.

Key Support Levels – $230 and $216.

Key Resistance Levels – $245 and $250.

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