Bitcoin Cash (BCH/USD) Braces Up to Surpass the $275 Price Level
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The Bitcoin Cash market has established a longstanding resistance level at $275. Starting from the low of $163 on August 17, the bulls initiated an upward movement towards this resistance, consistently forming higher lows. This trend culminated in a significantly higher support level at $225, exerting pressure on the $275 resistance level.
Bitcoin Cash Market Data
- BCH/USD Price Now: $272
- BCH/USD Market Cap: $5,325,772,185
- BCH/USD Circulating Supply: 19,598,313 BCH
- BCH/USD Total Supply: 19,598,313 BCH
- BCH/USD CoinMarketCap Ranking: #19
Key Levels
- Resistance: $290, $300, and $350.
- Support: $235, $200, and $150.
Bitcoin Cash Market Forecast: Analyzing the Indicators
While the $275 price level has long served as a resistance, the Bitcoin Cash bulls have consistently established higher lows, suggesting mounting pressure that could eventually lead to a breakthrough of this resistance. The bullish recovery and potential breach of this level might have occurred sooner; however, due to low trading volume, the ascent appears gradual and has spanned several months. The current support level is firmly positioned at $228. In recent trading sessions, spanning yesterday and today, the market has displayed bullish tendencies.
Although today’s market continued the upward momentum from yesterday, as it approached the $275 price level, bearish resistance became evident, resulting in a pronounced upper shadow on the candlestick. Presently, the predominant market sentiment may still be bullish, underscoring the importance of establishing a closer support level to amplify pressure on the pivotal resistance level. But the long-standing resistance is capable of attracting more bearish traders.
BCH/USD 4-Hour Chart Outlook
After a period of price consolidation around the $232 level, the bull market exhibited a notable breakout towards the $275 price level. Given the historical significance of this level as a resistance, traders may exhibit cautionary sentiment, potentially leaning bearish. The current price action appears to plateau as demand meets supply, suggesting the possibility of an impending market reversal.
