- Bitcoin Cash rejected at $240 as bearish pressure builds towards $230 support.
- BCH/USD retreat to find balance at $230 but if the bearish pressure continues, $225 and $220 will come in handy.
Among the major coins, Bitcoin Cash is the only one still in the red. The European session is characterized by increased volatility. Bitcoin (BTC) is up 1.53% to trade at $8,692 while Ethereum is trading at $188 (up 1.5%) and Ripple trading at $0.1950 (up 1.14%). BCH/USD, on the other hand, has subtle a subtle 0.22% of its value on the day.
Interestingly, the trend is bullish but what could be holding the buyers back is the shrinking volatility as well as the key resistance at $240. Bitcoin Cash is trading at $235; attempts to break above $240 were unsuccessful with the bulls forced to retreat to find support in order to launch another attack. Glancing further up, BCH/USD recovery must brace for more resistance the 200 SMA and the critical resistance zone between $270 and $275.
Marginally below the prevailing market value is the first support at the 50 SMA in the 1-hour range. If support at $230 gives in to the selling pressure, we can expect the bearish leg to extend to $225 and $220 respectively. The ongoing bearish price action is supported by the RSI’s likely drop under 50 (average).
BCH/USD 1-hour chart
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