Bitcoin Cash Chart Analysis: BCH/USD briefly slides below $250 after a rejection at $260

BCH is trading above $250 after a significant dip was bought by the bulls today.
BCH/USD remains inside a daily symmetrical triangle that seems to be favoring the buyers.

Lorenzo Stroe Independent Analyst

BCH/USD is trading at $255 at the time of writing and continues with its daily uptrend. The digital asset suffered a significant rejection after touching $260.82 and dropped to $247.54 in the next three hours. Bulls managed to buy the dip but were rejected again at $259.

Neither of these rejections had significant continuations, but it seems the bulls have encountered a fierce resistance area between $259 and $261.

BCH/USD daily chart

Bitcoin Cash is trading inside a daily symmetrical triangle that is currently in favor of the buyers. The resistance level to break is set at $269.28 and $270 psychological level. If the bulls can manage to crack both resistances, BCH could spike up to $277.29, a daily high formed on May 9.

Support can be found at $242.33, the low of June 2, and the current daily 26-EMA. The daily 12-EMA should also be considered support. The symmetrical triangle would only break bearish if BCH slides below $220.36, which is far away from its current price.

BCH/USD technical levels

BCH/USD

Overview
Today last price	254.8043
Today Daily Change	1.7518
Today Daily Change %	0.69
Today daily open	253.0525

Trends
Daily SMA20	239.1913
Daily SMA50	240.3913
Daily SMA100	245.9111
Daily SMA200	266.6867

Levels
Previous Daily High	253.5891
Previous Daily Low	246.2842
Previous Weekly High	243.8126
Previous Weekly Low	220.9734
Previous Monthly High	277.2914
Previous Monthly Low	217.6786
Daily Fibonacci 38.2%	250.7986
Daily Fibonacci 61.8%	249.0747
Daily Pivot Point S1	248.3614
Daily Pivot Point S2	243.6704
Daily Pivot Point S3	241.0566
Daily Pivot Point R1	255.6663
Daily Pivot Point R2	258.2801
Daily Pivot Point R3	262.9711

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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Bitcoin Cash Chart Analysis: BCH/USD briefly slides below $250 after a rejection at $260