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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Cash Reaches Crucial Juncture: Here’s Why It Could Restart Decline

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin Cash

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Bitcoin cash price started an upside correction from the $205 support against the US Dollar. BCH is now facing a strong resistance near the $225 and $230 levels.

  • Bitcoin cash price is currently correcting higher from the $205 swing low against the US Dollar.
  • The price is trading above $220, but the bulls are facing hurdles near $225 and $228.
  • There is a crucial bearish trend line forming with resistance near $230 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair must clear the $230 resistance zone to start a fresh increase in the near term.

Bitcoin Cash Price Could Reverse Gains

This past week, bitcoin cash price broke the main $225 support level to start a sharp decline. BCH even traded below the $215 support level and settled well below the 100 simple moving average (4-hours).

It tested the $205 support and remained well bid above the $200 handle. As a result, the price started an upside correction above the $215 and $220 levels. It is now trading near a major resistance at $225 (the recent breakdown zone).

The 50% Fib retracement level of the downward move from the $245 swing high to $205 low is also acting as a resistance near $225. More importantly, there is a crucial bearish trend line forming with resistance near $230 on the 4-hours chart of the BCH/USD pair.

Bitcoin Cash Price

Bitcoin cash price trading near $225: Source: TradingView.com

The trend line is close to the 100 simple moving average (4-hours) and the 61.8% Fib retracement level of the downward move from the $245 swing high to $205 low. Therefore, the bulls need to clear the $225 and $230 resistance levels to start a steady increase.

If they succeed and the price settles above $230, there could be a decent upward move towards the $245 resistance level in the coming sessions.

Fresh Bearish Wave in BCH?

If bitcoin cash price fails to break the trend line hurdle, $230, and the 100 simple moving average (4-hours), there is a risk of a fresh bearish wave.

An initial support is near the $220 level, below which the price could restart its decline. The main support is near the $205 and $200 levels, where the bulls are likely to take a stand.

Technical indicators

Hourly MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently close to the 50 level, with a bearish angle.

Key Support Levels – $220 and $205.

Key Resistance Levels – $225 and $230.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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