#BitcoinCash initiates a fresh decline under $265 against the US Dollar, mirroring Bitcoin's decline below $255. Further downside potential if it remains below $240 resistance. BCH/USD may extend losses with a close below $232.
On The Daily Chart:
Bitcoin Cash struggled to surpass the $295 and $300 resistance levels, leading to a sharp decline. It peaked at $295, breaching support at $285, $265, and $250. The price tested $232, reaching a low of $231.61. Currently consolidating losses, trading close to the 23.6% Fib retracement level from $295 to $231.61. It remains below $265 and the 21-day simple moving average. The last two days formed a Gravestone Doji pattern.
On The 4-Hour Chart:
BCH is currently near the lower boundary of the Descending channel on the 4-hour charts. Despite buyers attempting to reverse the trend between the 50-day and 200-day EMAs, the coin has been facing consistent decline, marked by lower lows in recent months. The RSI is above 50 and increasing, indicating a bearish trend. A break below $232 will confirm the ongoing bearish trend, with a potential drop to $200 anticipated.
According to Coingabbar Price Analysis, the market capitalization of #BCH is estimated to be $4,724,054,774. The 24-hour trading volume for the coin is around $163,921,821.
KEY LEVELS :
RESISTANCE LEVEL : $245-$256
SUPPORT LEVEL : $238-$232
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
