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Bitcoin Cash Analysis: BCH Facing Key Resistance, Can Bulls Make It?

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  • Bitcoin cash price declined sharply and even broke the $300 support against the US Dollar.
  • The price traded towards the $250 support level and it is currently correcting higher.
  • There is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair could struggle to break the key $320, $330 and $340 resist
    ance levels in the near term.

Bitcoin cash price is correcting from the $260 support area against the US Dollar. However, BCH price might find it difficult to continue higher above the $330 and $340 resistances.

Bitcoin Cash Price Analysis

This week, there was a strong decline in bitcoin cash price after it broke the $340 support area against the US Dollar. The BCH/USD pair even broke the $300 support and settled well below the 55 simple moving average (4-hours). The decline was such that the price spiked below the $280 support level and traded close to the $250 level. A new monthly low was formed near $254 and the price recently started an upside correction.

There was a break above the $280 resistance plus the 23.6% Fib retracement level of the last major drop from the $428 high to $254 swing low. However, the price is facing a lot of hurdles near the $320 and $330 levels. Moreover, the 55 simple moving average (4-hours) is also near the $330 level to act as a resistance. More importantly, there is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of the BCH/USD pair.

The 50% Fib retracement level of the last major drop from the $428 high to $254 swing low is also near the $340 level to act as solid resistance. Therefore, the bulls may face a lot of selling interest near the $330 and $340 levels. To start a fresh increase, the price must settle above $340 and the 55 simple moving average (4-hours). The next main resistance is near the $385 level plus the 76.4% Fib retracement level of the last major drop from the $428 high to $254 swing low.

On the downside, an immediate support is near the $300 level. If there are more losses, the price resume its decline below the $280 support level. The main supports on the downside are near the $260 and $250 levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is currently correcting higher, but the $330 and $340 levels are significant barriers. Therefore, the price could either climb further above $350 or resume its decline below $300.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently struggling to stay above the 50 level.

Key Support Levels – $300 and $280.

Key Resistance Levels – $330 and $340

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Bitcoin Cash

Bitcoin Cash Price Analysis: BCH/USD nurtures momentum above $340, all eyes focus on $400

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  • Bitcoin Cash bounces off the trendline support for the second time in one week.
  • Sideways trading is likely based on the ranging RSI.

The bulls are back in action on Sunday after wallowing in selling pressure on Saturday. The majority of the major cryptos are in the green posting gains between 1% and 10% on the day. Bitcoin Cash is dancing 4% higher on the day following a bullish correction from $339.38 (opening value). The fourth-largest cryptocurrency grew exponentially towards $400 but formed a high around $365 before adjusting to $351 (market value).

Last week, Bitcoin Cash was flipped from the fourth spot on the market by its controversial Bitcoin SV. The

latter surged massively to highs around $458 while Bitcoin Cash only managed to hit highs around $403. BSV market cap also corrected higher surpassing that of BCH. However, Bitcoin Cash has since reclaimed its position amid an ongoing Bitcoin SV sell-off.

Read more: Bitcoin SV plunges 42% from 2020 highs: Lawyer reveals Craig Wright has no private keys

At the time of writing, BCH is struggling to hold above $350 and push past the next resistance at $360. The bulls would like nothing more than to see the price back above $400. However, the sideways trending RSI suggests that rapid movements either side are unlikely in the short term. Therefore, I am more inclined to believe that BCH would hold above $350 while the upside capped at $360 in the near term until a proper technical picture develops.

BCH/USD 4-hour chart

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Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 336. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

As part of the Bitcoin Cash forecast, a test of level 320 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 405. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 278.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​270. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on January 18, 2020 implies a test level of 320. Further growth is expected to continue to the area above level 405. The conservative buying area is located near area 278. The breakdown of the growth option for cryptocurrency will be the breakdown of level 270. In this case, we should expect a further fall.

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Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 280. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

As part of the Bitcoin Cash forecast, a test of level 268 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 308. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 258.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020

Cancellation

of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​240. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on January 15, 2020 implies a test level of 268. Further growth is expected to continue to the area above level 308. The conservative buying area is located near area 258. The breakdown of the growth option for cryptocurrency will be a breakdown of the level of 240. In this case, we should expect a further fall.

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