Bitcoin Cash price is now trading in a bearish zone at the $240 level. Will the BCHUSD pair rebound towards the $250 in the short term?
Yesterday, November 19, the price of Bitcoin Cash (BCH) was in a bearish trend. On November 10, BCH bulls rose to the $301 level but were resisted. As a result, Bitcoin Cash price declined sharply below the $250 support level. Moreover, the market continued the downtrend, touching its lowest daily level at $233. At the time of writing, the coin is changing hands at the $240 level.
On the upside, if more buyers emerge, the market will rise towards the $250 and $260 resistance levels. On the downside, a break below the $240 level will result in the market finding support at the $230 and $220 levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BCHUSD is in a bearish trend. After a downside break, the pair even failed to stay above the $265 support area. It declined heavily and settled below the $250 level. The price is now consolidating above the $240 support and it could correct higher.
On the upside, there are many resistances near $255 and $265. Conversely, the main support is now near $225, below which the price is likely to test the $200 support area in the short term. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
