Bitcoin Cash Price (BCH) Turned Sell on Rallies
In the past few days, bitcoin cash price followed a bearish path below the $290.00 level. BCH to USD is approaching the $269.50 support and upsides remain capped near $281.00.
Key Takeaways: BCH/USD
- Bitcoin cash price is trading in a bearish zone below the $280.00 pivot against the US Dollar.
- BCH/USD is facing resistance near $281.00 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is extending losses and it is now trading just near the $8,700 support area.
Bitcoin Cash Price Analysis
After setting a high near the $300.00 area, bitcoin cash started a fresh decline. BCH price traded below the $290.00 support level, sparking an extended downward move below the $286.00 support area.
Looking at the 2-hours chart, bitcoin cash even settled below the $285.00 level and the 50 simple moving average (2-hours, purple). Moreover, the price declined below the $280.00 level and traded as low as $272.01.
In the short term, there might be an upside correction towards the $278.00 resistance. Besides, the 23.6% Fib retracement level of the recent slide from $290.17 to $272.01 might also protect gains.
The main resistance on the upside is near the $281.00 level and a bearish trend line on the same chart. More importantly, the 50% Fib retracement level of the recent slide from $290.17 to $272.01 is also likely to act as a strong resistance.
If there is an upside break above the $281.00 resistance, bitcoin cash price could recover towards the $286.00 resistance area and the 50 simple moving average (2-hours, purple). Any further gains might set the pace for a push towards the $300.00 barrier.
On the downside, an initial support is near the $272.00 and $269.50 levels. If the bulls fails to protect the $269.50 support, there is a risk of more losses towards the $262.00 and $260.00 levels.
Overall, bitcoin cash price is facing an increase in selling pressure below $281.00 and it could continue to move down towards the $269.50 support. On the upside, the $281.00 and $286.00 levels are important hurdles.