Thursday, November 26, 2020
Home Bitcoin - Top 10 Bitcoin Cash Analysis: $220 Holds The Key For Fresh Increase

Bitcoin Cash Analysis: $220 Holds The Key For Fresh Increase

  • Bitcoin cash price is currently recovering from the $200 support zone against the US Dollar.
  • The price is facing a few important hurdles near $220 and the 55 simple moving average (4-hours).
  • There is a connecting bearish trend line forming with resistance near $218 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could either rally above the $220 resistance or reverse back towards the $200 handle.

Bitcoin cash price is holding the key $200 support zone against the US Dollar. BCH/USD could struggle to recover unless there is a clear break above the $220 resistance.

Bitcoin Cash Price Analysis

This week, bitcoin cash price extended its decline below the $230 support against the US Dollar. BCH price even broke the $220 support level to move into a bearish zone.

There was also a close below the $220 level and the 55 simple moving average (4-hours). A low is formed near the $203 level and the price is currently recovering higher. There was a break above the $210 level, plus the price recovered above the 23.6% Fib retracement level of the downward move from the $238 swing high to $203 low.

However, the price is facing a major hurdle near the $218-$220 zone. There is also a connecting bearish trend line forming with resistance near $218 on the 4-hours chart of the BCH/USD pair.

The 50% Fib retracement level of the downward move from the $238 swing high to $203 low is also waiting near the $221 level to act as a hurdle. The next key resistance is near the $225 level and the 55 simple moving average (4-hours).

A clear break above the $220 and $225 resistance levels is needed for a fresh increase. In the stated case, it could easily break $230 and continue higher towards the $240 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is facing a few important hurdles near $220 and the 55 simple moving average (4-hours). The price could either rally above the $220 resistance or reverse back towards the $200 handle.

Technical indicators

4 hours MACD – The MACD for BCH/USD is struggling to gain pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is still well above the 50 level.

Key Support Levels – $210 and $205.

Key Resistance Levels – $220 and $225.

Tags: ,

Popular Articles

Here Are the Best Bitcoin Black Friday Deals for 2020

Let’s get this out of the way: Thanksgiving is a mid-tier holiday. Turkey? It’s fine. Being pressured into giving thanks? Sure. The fraught cultural...

Polkadot long-term Price Analysis: 26 November

Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice Following the lead...

Catherine Coley: Bitcoin Is Jumping Thanks to All the New Buyers

As of late, bitcoin appears to be traveling on a rocket ship to the moon. The currency recently struck the $19,000 price for the...

Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

Bitcoin price over the last 24 hours saw an over $3,000 crash and more than 15% wiped out from its price tag. Despite the downside,...

Bitcoin: Why corrections weren’t unexpected

The world’s largest cryptocurrency, Bitcoin, was roaring and climbing towards its all-time high until a few days ago. In fact, BTC climbed to a...

Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers

It has been a rough past few days for Bitcoin and the entire crypto market. Following BTC’s tests of its all-time highs in the...