BCH consolidates at $260 price level after losing $35 a few days ago, the asset price slowly bounced back as we are reading in the latest Bitcoin Cash news today.
Against bitcoin, BCH is trading above $0.026 BTC following the recovery from the four-week low. The mid-term target for BCH stands at 495 if it manages to break above the crucial $280 level. The BCH/USD key support levels include the $266, $281 and $352 levels. Bitcoin Cash lost the $35 on Tuesday after the heavy rejection from the crucial supply area of $266 which showed the bullish action for the past three months. The volatility remains low and is consolidating under the grey-market supply area. breaking above this level could send another strong buying signal. Considering the decrease in market cap, BCH bears could take over.
Bitcoin Cash is looking for another break as it is slowly built up the strong supply area so once the asset conquers this area, the price target for the mid-term bulls could be the $495 price level which was initially printed in February this year. The closest resistance as of now is $352. The price could go all the way to the weekly low of $235 only if the supply area continues to halt the buying pressure. The levels to watch for below this area are $222 and $200.
Looking at the price indecisiveness suggesting a big move is coming around the corner, the price could go either way because of the volatility. BCH consolidates its price above the grey market area after the slight breakout four days ago. After the pullback, the price bounced close to the 0.027 BTC level before dropping to where it is now. The 0.026 BTC level is acting as a support on the 4-hour charts but it would still need to push further to validate the strong bullish trend in the short-term. The 0.0246 BTC is still holding as base support.
The price could remain indecisive if the bulls fail to go over the price action. While the buyers wait for the next price move, the price increased by 1% over the last trading hour. If BCH manages to establish the support above the $0.025 BTC, the next target for the Bitcoin Cash price will be close to the orange horizontal line of 0.0275 BTC, following the 0.0280 BTC where the major bullish move is expected to take place on the charts.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]