At the moment, Bitcoin Cash (BCH) is striving to overcome a significant resistance level at around $270.
If this attempt is successful, BCH may start a new uptrend.
- Bitcoin Cash is fighting an important resistance.
- Bitcoin Cash is trying to overcome the "golden ratio", which is located at $270.
On the daily chart, the histogram of the divergence and convergence of the moving averages (MACD) goes down, indicating a bearish trend. However, the MACD lines are still crossing upwards, and the relative strength index (RSI) is in the neutral zone.
Short-term support for Bitcoin Cash is at around $249.6. If this level is overcome, the next support is expected at the 50-day exponential moving average (EMA) of about $234.6. If the decline continues, significant support is at the Fibonacci level at around $200.
Nevertheless, the bullish trend remains in the short and medium term. This is facilitated by the golden crossing of the EMA, which is observed on the four-hour chart.
The MACD histogram gives bullish signals.
On the weekly chart, the histogram of the divergence and convergence of the moving averages (MACD) shows a bullish trend. However, the MACD lines are still crossing downwards, and the relative strength index is in neutral territory, not indicating a clear trend.
If BCH can successfully overcome the $270 level, the asset will have the potential to grow to the last maximum of $329.
In relation to Bitcoin, BCH fluctuates between the Fibonacci resistance and support levels.
During trading against bitcoin (BTC), Bitcoin Cash overcame an important support level of the "golden section" at 0.0062 BTC. Currently, the asset is in the range between 0.00497 BTC and 0.0059 BTC, with the 0.0062 BTC area acting as resistance. The monthly chart of BCHBTC as a whole looks bearish.
While the MACD lines are in a bullish intersection, the MACD histogram has been showing a downtrend for several months now.
The relative strength index is in the neutral zone, not indicating a clear trend. This combination of indicators indicates a period of uncertainty and potential volatility of Bitcoin Cash relative to Bitcoin.
