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{"id":427630,"date":"2020-06-17T05:28:05","date_gmt":"2020-06-17T05:28:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=427630"},"modified":"2024-06-11T12:52:51","modified_gmt":"2024-06-11T12:52:51","slug":"bitcoin-cash-price-recovery-could-face-huge-barrier-near-250","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-cash-price-recovery-could-face-huge-barrier-near-250\/","title":{"rendered":"Bitcoin Cash Price Recovery Could Face Huge Barrier Near $250"},"content":{"rendered":"

Bitcoin cash price declined heavily and tested the $225 support zone. BCH is currently recovering, but it is likely to face a strong barrier near the $248 and $250 resistance levels.<\/em><\/p>\n

\n
Bitcoin cash price declined to a new monthly low at $225 against the US Dollar.<\/li>\n
The price is currently correcting higher above the $230 resistance zone.<\/li>\n
There is a major bearish trend line forming with resistance near $248 on the 4-hours chart of the BCH\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to struggle near the $246, $248 and $250 resistance levels in the near term.<\/li>\n<\/ul>\n
Bitcoin Cash Price is Facing Hurdles<\/h2>\n
This month, bitcoin cash price topped near the $265 level and started a fresh decline. It broke the $250 support zone<\/a> and the 100 simple moving average (4-hours) to move into a bearish zone.<\/p>\n
The decline was such that BCH even broke the $230 level and tested the $225 support area. Recently, it started an upside correction (similar to bitcoin<\/a>) above the $230 resistance. There was a break above the 23.6% Fib retracement level of the downward move from the $259 high to $225 low.<\/p>\n
It seems like there is a declining channel forming with resistance near $238 on the 4-hours chart of the BCH\/USD pair. If there is an upside break above the channel resistance at $238, the price could recover towards the $246 resistance zone.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Cash Price is recovering. Source: TradingView.com<\/a><\/figcaption><\/figure>\n
An intermediate resistance is near $241 or the 50% Fib retracement level of the downward move from the $259 high to $225 low. The main resistance is near the $246, $248 and $250 levels.<\/p>\n
There is also a major bearish trend line forming with resistance near $248 on the same chart. Therefore, bitcoin cash price must break the $248 and $250 resistance levels to move into a positive zone in the near term.<\/p>\n
Fresh Decline in BCH?<\/h2>\n
If bitcoin cash price fails to continue higher above $240 and stays below the 100 simple moving average (4-hours), it could resume its decline. An initial support is near the $230 level.<\/p>\n
The first major support is near the $225 level, below which the price might struggle to stay above the main $220 support level. In the mentioned case, the price might decline towards the $200 handle in the coming sessions.<\/p>\n
Technical indicators<\/p>\n
Hourly MACD \u2013 The MACD for BCH\/USD is slowly moving in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is currently just below the 50 level, with negative signs.<\/p>\n
Key Support Levels \u2013 $230 and $225.<\/p>\n
Key Resistance Levels \u2013 $241 and $248.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin cash price declined heavily and tested the $225 support zone. BCH is currently recovering, but it is likely to face a strong barrier near the $248 and $250 resistance levels. Bitcoin cash price declined to a new monthly low at $225 against the US Dollar. The price is currently correcting higher above the $230 resistance zone. There is a major bearish trend line forming with resistance near $248 on the 4-hours chart of the BCH\/USD pair (data feed from Kraken). The pair is likely to struggle near the $246, $248 and $250 resistance levels in the near term. Bitcoin Cash Price is Facing Hurdles This month, bitcoin cash price topped near the $265 level and started a fresh decline. It broke the $250 support zone and the 100 simple moving average (4-hours) to move into a bearish zone. The decline was such that BCH even broke the $230 level and tested the $225 support area. Recently, it started an upside correction (similar to bitcoin) above the $230 resistance. There was a break above the 23.6% Fib retracement level of the downward move from the $259 high to $225 low. It seems like there is a declining channel forming with resistance near $238 on the 4-hours chart of the BCH\/USD pair. If there is an upside break above the channel resistance at $238, the price could recover towards the $246 resistance zone. An intermediate resistance is near $241 or the 50% Fib retracement level of the downward move from the $259 high to $225 low. The main resistance is near the $246, $248 and $250 levels. There is also a major bearish trend line forming with resistance near $248 on the same chart. Therefore, bitcoin cash price must break the $248 and $250 resistance levels to move into a positive zone in the near term. Fresh Decline in BCH? If bitcoin cash price fails to continue higher above $240 and stays below the 100 simple moving average (4-hours), it could resume its decline. An initial support is near the $230 level. The first major support is near the $225 level, below which the price might struggle to stay above the main $220 support level. In the mentioned case, the price might decline towards the $200 handle in the coming sessions. Technical indicators Hourly MACD \u2013 The MACD for BCH\/USD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is currently just below the 50 level, with negative signs. Key Support Levels \u2013 $230 and $225. Key Resistance Levels \u2013 $241 and $248.<\/p>\n","protected":false},"author":67,"featured_media":427632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16895,3,4],"tags":[10765,10777],"class_list":["post-427630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-cash","category-news","category-analysis","tag-bch","tag-bchusd"],"acf":[],"yoast_head":"\nBitcoin Cash Price Recovery Could Face Huge Barrier Near $250<\/title>\n<meta name=\"description\" content=\"Bitcoin cash price declined heavily and tested the $225 support zone. 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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. 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