Bitcoin Cash Technical Analysis: BCH/USD bulls stay in charge despite retreat from $242.55 resistance level

BCH/USD bulls took charge of the market following a bearish Tuesday.
William's %R is trending inside the overbought zone, hinting that the price is currently overvalued.

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD bulls took control following a bearish a Tuesday as the price went up from $237.74 to $240.18. The price trending inside the red Ichimoku cloud and sitting on top of the SMA 50 curve. The MACD shows increasing bullish momentum. William's %R is trending inside the overbought zone, showing that the price is presently overvalued and will face bearish correction soon.

Support and Resistance

BCH/USD faces strong resistance levels at $242.55 and $251. On the downside, healthy support levels lie at $237.10 (SMA 50), $234.70 and $230 (SMA 20).

Key levels

BCH/USD

Overview
Today last price	241.6009
Today Daily Change	3.8788
Today Daily Change %	1.63
Today daily open	237.7221

Trends
Daily SMA20	229.3666
Daily SMA50	237.2753
Daily SMA100	238.2689
Daily SMA200	270.3393

Levels
Previous Daily High	244.4406
Previous Daily Low	235.0569
Previous Weekly High	227.3836
Previous Weekly Low	213.3598
Previous Monthly High	269.2895
Previous Monthly Low	204.6275
Daily Fibonacci 38.2%	238.6414
Daily Fibonacci 61.8%	240.856
Daily Pivot Point S1	233.7058
Daily Pivot Point S2	229.6895
Daily Pivot Point S3	224.3221
Daily Pivot Point R1	243.0895
Daily Pivot Point R2	248.4569
Daily Pivot Point R3	252.4732

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin Cash Technical Analysis: BCH/USD bulls stay in charge despite retreat from $242.55 resistance level