- BCH coin has recently initiated a rebound as it found support below $240
- Bitcoin Cash has formed a support level at $235; price level above $250 is to watch for
- The rising channel has been breached recently, which shows a pause in the uptrend
- Technical indicators are ready to set the mood for the bullish market
The tables have been turned for Bitcoin Cash as the coin has started an upward movement after declining for the tenth straight day.
After managing a price rebound above $244, the coin is currently consolidating at $241.17 at 06:00:31 UTC.
Bitcoin Cash Price Analysis
BCH price has traced a low swing near $235 as it broken below major support levels and bounced back with a rebound.
The BCH coin was trading above $247 when it opened yesterday, and with a steady price drop, it saw bottom at $235 as it breached support levels at $245, $243 and $240.
The price level of $235 has acted as decent support, and it propelled the coin for a price recovery. Tracing a rising channel, Bitcoin Cash price has increased by more than 3.84%.
At the plunge near $235, buying the security can fetch returns of 6.13%, when the target price is $250, while the stop-loss price is at $232.53.
Technical indicators for the BCH coin are bullish at the moment as the short term SMA line (50-days) is above the long term SMA line (200-days). Meanwhile, the MACD chart is heading towards the bullish zone with its MACD line on the upside.
Bitcoin Cash is likely to see resistance at $253.28, $262.14, and $270.37 while its support levels stand at $236.19, $227.96, and $219.1.