Bitcoin Cash Price Faces Negative Reversals From Resistance Point of $280 Sustains Above $270

  • Bitcoin Cash price levels tested the resistance level of $280, from which it started to face negative reversals on Monday’s market session 
  • The price levels will be looking for sustainability above the crucial mark of $270 for avoiding any negative divergence in the upcoming trading sessions 
  • The BCH/BTC pair is also performing positive with a marginal gain of 0.10%, bringing the current level to 0.01425709 BTC
Source: Coinmarketcap

Bitcoin Cash price levels faced heavy negative momentum during the past week resulting in the levels to arrive at the critical support level of $255 on the downside. The support level did provide a positive bounce back to the crypto asset; however, the magnitude of the positive bounce back is still inferior to the digital asset’s bullish momentum during the past month, making a peak point of $350. The CMP is placed at $272.76 with a marginal loss of -0.46% bringing the market capitalization to $5,073,860,018 with the 24-hour volume traded of $1,599,325,466. The price levels need to hold above the crucial mark of $270.00 for avoiding any sharp negative divergence in the upcoming trading sessions. 

Technical Levels Requiring Significant Positive Impact From Bitcoin Cash Price Levels

Source: Tradingview

Over the monthly period, the technical chart of Bitcoin Cash has formed a descending triangle pattern consisting of a sharp bullish move in the past month followed by significant price correction activity. The price levels are forming lower highs in the chart, moving within the pattern. Current levels need to develop sustainability above the 0.786fib level, and a negative breakout below the fib level can be a bearish signal. BCH is facing major resistance above 0.382 fib level, followed by major support placed below 0.786fib level. 

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The moving average convergence & divergence (MACD) is showcasing the positive nature after having a bullish crossover; however, the bears’ significance looks to rise and have a positive crossover again. 

The relative strength index (RSI) has started to show negative nature again with the current level of 53.85.

The directional movement index (DMI) is also showcasing positive nature as ADX (23.73) looks to have a positive crossover against +DI (25.19) 

Will BCH Break Above Resistance Level of $280 in Upcoming Trading Sessions? 

The magnitude of negative reversals faced by the price levels from a resistance point of $280 is gradually increasing. A negative breakout below $270 can be a bearish indicator for the upcoming trading sessions. On the contrary, if the levels can hold above $270, we might witness the resistance mark’s retesting again. 

Resistance level: $280 

Support level: $260 & $255 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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