- Bitcoin cash price started a downside correction from the $292 zone against the US Dollar.
- The price is now trading above the $260 zone and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $265 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 $265 and $255 support levels.
Bitcoin cash price is declining from the $292 zone against the US Dollar, unlike Bitcoin. BCH/USD must stay above $265 to start a fresh increase.
Bitcoin Cash Price Analysis
Bitcoin Cash price was able to gain pace for a move above the $250 and $260 resistance levels. BCH even traded above the $280 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 $282 and $275 support levels. The pair traded below the 23.6% Fib retracement level of the upward move from the $234.47 swing low to the $293.98 high.
The bears even pushed the price below the $272 support. It is now trading above the $260 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $280 level.
The main resistance sits near the $292 level. Any more gains above $292 could set the pace for a move toward the $300 level. If there is a move above the $300 resistance, the price could rise toward the $320 zone.
If not, the price might continue lower below $265 or the 50% Fib retracement level of the upward move from the $234.47 swing low to the $293.98 high. There is also a key bullish trend line forming with support at $265 on the 4-hour chart of the BCH/USD pair.
The next major support is near the $255 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 above the $260 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $265 and $255 support levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing 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 – $265 and $255.
Key Resistance Levels – $280 and $292.
