Bitcoin Cash clasped between key resistance and support after a massive 13% drop

John Isige Altcoin News published December 2, 2020 | modified December 2, 2020

Bitcoin Cash

Bitcoin Cash clasped between key resistance and support after a massive 13% drop

  • 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

BCH/USD price chart
BCH/USD price chart by Tradingview

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

Volatility: Expanding

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