Bitcoin Cash Price Prediction: BCH/USD faces strong resistance at $245 – Confluence Detector
- BCH/USD has had a bearish start to the day following two straight bullish days,
- Daily confluence detector has three healthy support levels at $236, $232.50 and $230.
BCH/USD daily confluence detector
BCH/USD has fallen slightly from $240.15 to $240 in the early hours of Thursday. If the bulls regain control of the market, they should be able to take the price back into the $250-zone. The daily confluence detector shows only one strong resistance level of note at $245. This level has the one-day Pivot Point resistance-one and one-month Fibonacci 61.8% retracement level
On the downside, there are three healthy support levels at $236, $232.50 and $230. The $236-level has the one-day Fibonacci 38.2% retracement level, one-week Pivot Point resistance-one and one-day SMA 50.
The $232 support level has the 4-hour Previous Low and one-day Pivot Point resistance-one. Finally, the $230-level has the one-month Fibonacci 38.2% retracement level, one-day SMA 5, one-hour SMA 50 and 15-min SMA 200.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
