Bitcoin Cash

Bitcoin

Resistance

<a href="https://bitcoinworld.co.in/price-analysis-does-bitcoin-cash-bch-price-risk-dropping-below-230/" title="Price Analysis: Does Bitcoin Cash (BCH) Price Risk Dropping Below $230" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Bitcoin cash (BCH) price started a fresh decline from the $300 zone against the US Dollar.</li>
 <li style="font-weight: 400">The price is now trading below the $255 zone and the 55 simple moving average (4 hours).</li>
</ul>
The <a href="https://coinstats.app/coins/bitcoin-cash/" rel="noopener noreferrer nofollow">price</a> of Bitcoin cash (BCH) is struggling below the $250 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $248 or $255.
<h3 id="span-style-font-weight-400-bitcoin-cash-price-analysis-span">Bitcoin Cash Price Analysis</h3>
Bitcoin cash price struggled to continue higher above the $300 resistance zone. BCH formed a short-term top near $290 before it started a fresh decline.&nbsp;
There was a drop below the $265 and $255 support levels.
There was a break below a key bullish trend line with support at $255 on the 4-hour chart of the BCH/USD pair. It even declined below the $240 support level.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-price-drops-below-41k-its-lowest-since-btc-etf-approval/" aria-label="“Bitcoin Price Drops Below $41K, Its Lowest Since BTC ETF Approval” (Edit)" rel="noopener noreferrer nofollow">Bitcoin Price Drops Below $41K, Its Lowest Since BTC ETF Approval</a>
The price tested the $235 support. A low has formed near the $233.01 level and the price is now consolidating losses.
Bitcoin cash is now trading below the $255 zone and the 55 simple moving average (4 hours). If there is a fresh increase, it could face resistance near the $248 level.&nbsp;
It is close to the 23.6% Fib retracement level of the downward move from the $298 swing high to the $233 low.
The first major resistance is near the $255 level. Any more gains above $255 could set the pace for a move toward the $265 level.&nbsp;
It is near the 50% Fib retracement level of the downward move from the $298 swing high to the $233 low.
If there is a move above the $265 resistance, the price could rise toward the $280 zone. If not, the price might continue lower below $233.
Immediate support on the downside is near the $222 zone. The next major support is near the $215 level, below which the bears might aim for $202 or even $200.
Looking at the chart, Bitcoin cash price is now trading below the $255 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $255 resistance zone.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3>
<ul>
 <li style="font-weight: 400">4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.</li>
 <li style="font-weight: 400">4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.</li>
 <li style="font-weight: 400">Key Support Levels – $233 and $222.</li>
 <li style="font-weight: 400">Key Resistance Levels – $248 and $255.</li>
</ul>
The post <a href="https://bitcoinworld.co.in/price-analysis-does-bitcoin-cash-bch-price-risk-dropping-below-230/" rel="noopener noreferrer nofollow">Price Analysis: Does Bitcoin Cash (BCH) Price Risk Dropping Below $230</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Price Analysis: Does Bitcoin Cash (BCH) Price Risk Dropping Below $230

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