#BitcoinCash price has maintained a bearish stance, staying below the critical resistance levels at $285 and $280. The price further declined, breaking below the $265 support level, which pushed it deeper into the bearish territory. Notably, BCH experienced a clear downward movement below the support levels at $255 and $250 as well.
After dipping below $235 and reaching a low around $231.62, Bitcoin Cash (BCH) found some stability. At present, the cryptocurrency is in a phase of consolidation, trying to recover slightly. It is currently testing the 23.6% Fibonacci retracement level of the downward move from the $295.00 swing high to the $231.62 low.
In the current market, bears are displaying strength around the $254 and $255 levels for Bitcoin Cash (BCH). However, BCH has managed to stay above the $240 zone and the 100 hourly simple moving average, indicating some potential support. On the 4-hour chart of the BCH/USD pair, a bearish trend line is forming, with resistance noted near $247.
For further upward movement, BCH needs to overcome the key resistance at $264. In case the price surpasses $264, it could pave the way for a potential rally towards the $285 level. A break above the $285 resistance might lead to further gains, potentially targeting the $295 zone. Traders should closely monitor the price's behavior around these levels to gauge the likelihood of future price movements.
Bitcoin Cash faces an immediate resistance level around $250. If the price continues its upward trend, it may encounter further resistance at the $258 and $262 levels in the short term. A significant obstacle awaits at the $280 level, representing a crucial milestone for potential upward movement of the cryptocurrency. =
If BCH fails to surpass the $250 resistance, it could find support near the $235 level. If this support is not held, the price might continue its downward movement, with the immediate support zone located around $230. The next significant support is near the $225 level, and a breach of this level could prompt the bears to target the $212 mark.
According to Coingabbar Price Analysis, the market capitalization of #BCH is estimated to be $4,743,299,558. The 24-hour trading volume for the coin is around $121,337,817.
KEY LEVELS :
RESISTANCE LEVEL : $250-$256
SUPPORT LEVEL : $238-$232
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.