HomeBITCOINBitcoin Cash Price Refuses to Plummet in Silence

Bitcoin Cash Price Refuses to Plummet in Silence

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Bitcoin Cash price is currently holding the crucial support level of $220 against the US Dollar. Unless the price falls below $220, there is a possibility of a fresh increase in BCH.

Bitcoin Cash price is displaying positive signs above the $220 level against the US Dollar. The price is currently trading above $220 and the 100 simple moving average (4 hours). On the 4-hour chart of the BCH/USD pair (data feed from Kraken), there was a break below a significant bullish trend line with support near $238. However, a fresh increase may occur if the price remains above $220.

Bitcoin Cash Price Holds Support

Over the past few days, Bitcoin Cash price has experienced a steady decline from the $255 resistance zone. It has dropped below the $240 support and entered a short-term bearish zone, similar to Bitcoin and Ethereum.

The price has fallen below the 50% Fib retracement level of the upward move from the $203 swing low to the $255 high. Moreover, 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 have been active just above the $220 support level. 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 currently trading above $220 and the 100 simple moving average (4 hours). Immediate resistance can be seen near the $236 level, with the next major resistance level close to $244. Further gains could push the price towards the $250 resistance zone.

Source: BCH/USD on TradingView.com

The next major obstacle is located near the $262 level. If the price surpasses this level, Bitcoin Cash may experience a substantial increase towards the $280 level or even $288 in the coming days.

Downside Break in BCH?

If Bitcoin Cash price fails to break through the $244 resistance, it may initiate a fresh decline. The initial support on the downside is around the $225 level.

The next major support level is near $220, where the bulls are expected to intervene. Should the price drop below the $220 support, it could test the $212 support. Further losses may even drive the price towards the $200 zone in the near future.

Technical indicators

4-hour MACD – The MACD for BCH/USD is showing a decrease in momentum 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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