- Bitcoin Cash lost the ground above $300 again following rejection at $320.
- BCH/USD is stuck between the 50 SMA resistance near $300 and the 100 SMA support at $280.
Bitcoin Cash recently recovered from the Thanksgiving Day crypto crash. The losses on Thursday last week failed to embrace support at all the three moving averages; the 50 SMA, 100 SMA, and 200 SMA on the 4-hour chart. Buyer congestion at $250 saved the altcoin from diving further.
The rebound from the crucial support reclaimed the position above $300 earlier this week. However, BCH hit a wall at $320, cutting short the anticipated spike to November’s peak at $373. A correction came into the picture, pulling Bitcoin Cash into a 13% dip.
Meanwhile, BCH/USD seems to have embraced support at the 100 SMA, highlighted at $280. The price is doddering at $289 amid the push to recover the lost ground toward $300. On the upside, movement is likely to be limited at the 50 SMA, slightly under $300.
BCH/USD 4-hour chart
The resistance at the 50 SMA and the support at the 100 SMA might keep Bitcoin Cash in a range before a breakout comes into the picture. Trading above the 50 SMA and the hurdle at $300 will call for more buy orders as the uptrend heading to $373 and $400 is validated.
On the downside, it is essential to hold above the 100 SMA to avert looming declines back to the primary support at $250. The 200 SMA is in line to absorb some of the selling pressure, preventing BCH from diving massively towards $200.
Bitcoin Cash intraday levels
Spot rate: $288
Relative change: 0.55
Percentage change: 0.2%
Trend: Sideways trading bias
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Here’s Why You Should NOT Yet Buy the Bitcoin Dip, Miner Capitulation Ahead?
- MicroStrategy (MSTR) Stock On Free Fall As SEC Rejects Its Bitcoin Accounting Strategy
- Second Consecutive Crash Day Extends Investor Loses Over $350 Billion, El Salvador Buys the Dip
- DeFi’s Liquidation Volume Hits $34.33 M ATH, The Highest Since Last year’s December
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?