Bitcoin Cash price is now trading in a bullish trend zone above the $240 level. Will the BCHUSD pair rebound towards the $250 in the short term?
Bitcoin Cash Price Medium-term Analysis
Yesterday, January 7, the price of Bitcoin Cash (BCH) was trading in a bullish trend. Earlier today, the bulls pushed the price from $242 to $246. Moreover, Bitcoin Cash price managed to rise above the $250 to $255 level. This is the first time since November 18 the coin is trending above the $250 level.
Nevertheless, Bitcoin Cash price is facing bearish correction as it is trading at the $244 level at the time of writing.
On the upside, if there is an increase in buying pressure, the price of Bitcoin Cash is likely to retest the $250 level and push towards $260 resistance. 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.
BCHUSD Price Short-term Analysis
On the 1-hour chart, the price of BCHUSD is in a bullish trend. However, following the recent negative signs, the trend may continue to go down if the sellers are given chanced to continue to pump more pressure into the market.
If that happens, the price is likely to test the $240 support area in the short term. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $250, $260, $270
- Support levels: $240, $230, $220
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.