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Bitcoin Cash Technical Analysis: BCH/USD eyes on critical $240 support

  • Bitcoin Cash late in the session on Thursday was trading firmly in the red, down a chunky 11.50%.
  • BCH/USD is set to rest $240 which is a key daily support level, low of 3rd April.
  • If the above noted fails to hold then the price could tumble quickly back down to the pre-April bull urn levels, see around $160. 
Bitcoin Cash Technical Analysis: BCH/USD eyes on critical $240 support
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  270.01

Relative change:      -11.52%

High:                         305.94

Low:                          254.54

BCH/USD

Overview
Today last price269.5274
Today Daily Change-35.2372
Today Daily Change %-11.56
Today daily open304.7646
 
Trends
Daily SMA20223.6469
Daily SMA50171.9293
Daily SMA100151.7956
Daily SMA200251.5698
Levels
Previous Daily High315.5138
Previous Daily Low295.028
Previous Weekly High352.3611
Previous Weekly Low165.7283
Previous Monthly High172.9457
Previous Monthly Low120.5261
Daily Fibonacci 38.2%307.6882
Daily Fibonacci 61.8%302.8536
Daily Pivot Point S1294.6905
Daily Pivot Point S2284.6163
Daily Pivot Point S3274.2046
Daily Pivot Point R1315.1763
Daily Pivot Point R2325.588
Daily Pivot Point R3335.6621

BCH/USD 60-minute chart

  • The price had been ranging before the bears managed to force a breach, inviting a strong wave of selling pressure to the downside. 

BCH/USD daily chart

  • Daily support is eyed at $240, 3rd April low, a breach could see a full reversal of the recent run higher. 

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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