Bitcoin Cash Price Won’t Go Down Quietly – Risk of Bounce Grows
05 Oktober 2023 - 7:43AM
NEWSBTC
Bitcoin Cash price is holding the key $220 support against the US
Dollar. BCH seems to be aiming for a fresh increase unless there is
a move below $220. Bitcoin cash price is showing positive signs
above the $220 level against the US Dollar. The price is trading
above $220 and the 100 simple moving average (4 hours). There was a
break below a key bullish trend line with support near $238 on the
4-hour chart of the BCH/USD pair (data feed from Kraken). The pair
could start a fresh increase unless there is a move below $220.
Bitcoin Cash Price Holds Support In the past few days, Bitcoin Cash
price saw a steady decline from the $255 resistance zone. BCH
declined below the $240 support to enter a short-term bearish zone,
like Bitcoin and Ethereum. The price declined below the 50% Fib
retracement level of the upward move from the $203 swing low to the
$255 high. Besides, there was a break below a key bullish trend
line with support near $238 on the 4-hour chart of the BCH/USD
pair. However, the bulls were active above the $220 support. The
price found support near the 61.8% Fib retracement level of the
upward move from the $203 swing low to the $255 high. Bitcoin Cash
is now trading above $220 and the 100 simple moving average (4
hours). Immediate resistance is near the $236 level. The next major
resistance is near $244. Any further gains could lead the price
toward the $250 resistance zone. Source: BCH/USD on TradingView.com
The next major hurdle is near the $262 level, above which BCH might
start a decent increase toward the $280 level or $288 in the coming
days. Downside Break in BCH? If Bitcoin Cash price fails to clear
the $244 resistance, it could start a fresh decline. Initial
support on the downside is near the $225 level. The next major
support is near the $220 level, where the bulls are likely to
appear. If the price fails to stay above the $220 support, the
price could test the $212 support. Any further losses could lead
the price toward the $200 zone in the near term. Technical
indicators 4-hour MACD – The MACD for BCH/USD is losing pace in the
bullish zone. 4-hour RSI (Relative Strength Index) – The RSI is
currently below the 50 level. Key Support Levels – $225 and $220.
Key Resistance Levels – $236 and $244.
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