Bitcoin cash price is correcting gains from the $245 hurdle against the US Dollar. BCH\/USD is likely to bounce back as long as it is above the $230 support zone.<\/p>\n
Earlier this week, bitcoin cash price started a fresh increase above the $225 and $230 resistance levels against the US Dollar. BCH price even settled above the $230 level and the 55 simple moving average (4-hours).<\/p>\n
Finally, the price spiked above the $240 level and it is currently facing a strong resistance near the $245 level. A high is formed near the $245 level and the price is currently correcting lower.<\/p>\n
There was a break below the $240 level, plus the 23.6% Fib retracement level of the recent increase from the $215 swing low to $245 high. The price is now trading below the $236 level and it is approaching the main $230 support zone.<\/p>\n
There is a major bullish trend line forming with support near $230 on the 4-hours chart of the BCH\/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $215 swing low to $245 high.<\/p>\n
More importantly, the 55 simple moving average (4-hours) is also near the trend line support at $230. If bitcoin cash price fails to stay above the trend line support and $230, there is a risk of a nasty decline in the coming sessions.<\/p>\n
Conversely, the price might bounce back above the $240 and $242 levels. The main resistance is near the $245 level. A successful close above the $245 level might trigger a sharp rally towards $255 and $260.<\/p>\n
Bitcoin Cash Price<\/p>\n
Looking at the chart, bitcoin cash price is correcting lower from the $245 barrier. It must stay above the $230 support to make another attempt to clear the $245 resistance.<\/p>\n
4 hours MACD The MACD for BCH\/USD is currently gaining momentum in the bearish zone.<\/p>\n
4 hours RSI (Relative Strength Index) The RSI for BCH\/USD is now below the 50 level.<\/p>\n
Key Support Levels $230 and $215.<\/p>\n
Key Resistance Levels $240 and $245.<\/p>\n
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Bitcoin Cash Analysis: $230 Holds The Key But Can Bulls Clear $245? - Live Bitcoin News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin cash price is correcting gains from the $245 hurdle against the US Dollar. Continue reading