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Bitcoin Cash Trading Near Inflection Point, 100 SMA Could Trigger New Rally

Bitcoin Cash Trading Near Inflection Point, 100 SMA Could Trigger New Rally

Bitcoin Cash

Bitcoin cash price is recovering from the $225 support zone against the US Dollar. BCH is slowly gaining traction, but it is facing a strong resistance near the $240 and $242 levels.

Bitcoin Cash Price is Facing a Major Hurdle

In the past few days, bitcoin cash price consolidated in a range above the $224 and $225 support levels. A swing low was formed near $224 before the price started a fresh increase.

There was a break above the $230 resistance zone. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $260 swing high to $224 low.

However, bitcoin cash price is currently facing a crucial hurdle near the $240 resistance zone. There is also a key bearish trend line forming with resistance near $242 on the 4-hours chart of the BCH/USD pair.

The trend line coincides with the 50% Fib retracement level of the downward move from the $260 swing high to $224 low. The 100 simple moving average (4-hours) is also close to the trend line resistance and $240 to prevent an upside break.

Bitcoin cash price testing $240: Source: TradingView.com

If the bulls succeed in clearing the $242 resistance, the price is likely to accelerate higher. An immediate resistance is near the $246 level, followed by $250. A successful close above the $250 level will most likely open the doors for a larger upward move in the coming sessions.

Fresh Decline in BCH?

If bitcoin cash price fails to break the trend line resistance, $240, and the 100 simple moving average (4-hours), there is a risk of a fresh decline.

An initial support is near the $235 level, followed by $230. The main support is now forming near the $225 level, below which the bears are likely to aim $205 or $200.

Technical indicators

Hourly MACD – The MACD for BCH/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with bullish signs.

Key Support Levels – $230 and $225.

Key Resistance Levels – $242 and $250.

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