Bitcoin Cash Price Analysis: BCH/USD search for a bottom becomes torturous
|- Bitcoin Cash price plummets to test the key support at $250.
- Recovery from the dip steps above $250 but lacks the momentum to face other resistance zones at $264 and $270.
Bitcoin Cash price has not been spared by the carnage going around the market. If anything BCH is among the worst-hit cryptos by the bearish wave ravaging through the market. Bitcoin Cash has lost almost 50% of its value from its peak in February at $499. The bearish leg extended under the broken support at $260 to test the buyer congestion zone at $250. An ongoing shallow recovery is attempting to correct the 2.4% loss suffered on the day. Besides, BCH/USD is exchanging hands at $260 at the time of writing.
Bitcoin Cash price technical picture
In spite of the losses suffered the bulls have a strong zeal to rise above the selling pressure and relaunch the upward trajectory. The RSI is pointing downwards in the 4-hour range, however, it is likely to recover before hitting the oversold area. At the same time, the MACD is in an upward slope from the recent dip to -17.31. Moreover, the signal line features a bullish divergence from the MACD to show that the buyers are still in charge.
Bitcoin Cash price forecast
Bitcoin cash must defend the support at $260 and $250 at all costs to ensure that the sellers do not activate another torturous breakdown towards $200. The zones at $264, $270 and $274 represent highly seller congested areas. $264 highlights the previous low 4-hour and the Bollinger band 1-hour middle curve, $270 is home to the BB 4-hour middle curve and the pivot point 1-week support three while $274 hosts the Fibo 161.8% one-week. Other key support areas to watch are $256, $254 and $251.
BCH/USD 4-hour chart
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