- Bitcoin Cash is hustling to sustain the rebound; a steady uptrend above $250 is must
- BCH coin has formed a bullish trendline which has been breached; price trend appears volatile at the moment
- Technical indicators are giving mixed signals while the price has managed to move up from the Fib retracement level of 100%
Bitcoin Cash has broken the bullish price trend as it has recently nosedived below $240. The price path manifests many ups and down in a short time span of 24 hours.
Bitcoin Cash Price Analysis
Yesterday, the BCH coin opened on a mild bearish note and breached the support level of $240 in the latter part of the day. Finding a support level at $238.34, the coin escalated as high as $247.17, with a price rise of 3.70%. BCH price soon pulled back from there and reached at $241.05 to start its price recovery again.
With a bullish trendline, Bitcoin Cash price managed to climb above $245.27 and then again started a downward journey. The coin has recently breached the bullish trendline and saw bottom at $237. At 09:21:37 UTC, the BCH to USD is trading at $238.65.
Bollinger Bands have widened enough to indicate a volatile phase. Also, the SMA lines have recently formed a death cross, which shows a negative sign. MACD chart is in the bearish phase with its signal line on the downside, while RSI is also bearish at 36, hinting an upcoming over-sold momentum.
BCH is likely to see support levels at $248.07, $251.89, and $255.17 as currently, it is continuing its fall, while it may face resistance at $240.97, $237.69 and $233.87.