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Bitcoin Cash worth is holding the important thing $220 help towards the US Dollar. BCH appears to be aiming for a recent improve except there’s a transfer under $220.

• Bitcoin money worth is displaying constructive indicators above the $220 degree towards the US Dollar.
• The worth is buying and selling above $220 and the 100 easy transferring common (4 hours).
• There was a break under a key bullish pattern line with help close to $238 on the 4-hour chart of the BCH/USD pair (information feed from Kraken).
• The pair may begin a recent improve except there’s a transfer under $220.

Bitcoin Cash Price Holds Support

In the previous few days, Bitcoin Cash worth noticed a gentle decline from the $255 resistance zone. BCH declined under the $240 help to enter a short-term bearish zone, like Bitcoin and Ethereum.

The worth declined under the 50% Fib retracement degree of the upward transfer from the $203 swing low to the $255 excessive. Besides, there was a break under a key bullish pattern line with help close to $238 on the 4-hour chart of the BCH/USD pair.

However, the bulls have been lively above the $220 help. The worth discovered help close to the 61.8% Fib retracement degree of the upward transfer from the $203 swing low to the $255 excessive.

Bitcoin Cash is now buying and selling above $220 and the 100 easy transferring common (4 hours). Immediate resistance is close to the $236 degree. The subsequent main resistance is close to $244. Any additional positive factors could lead on the value towards the $250 resistance zone.

Source: BCH/USD on TradingView.com

The subsequent main hurdle is close to the $262 degree, above which BCH would possibly begin a good improve towards the $280 degree or $288 within the coming days.

Downside Break in BCH?

If Bitcoin Cash worth fails to clear the $244 resistance, it may begin a recent decline. Initial help on the draw back is close to the $225 degree.

The subsequent main help is close to the $220 degree, the place the bulls are prone to seem. If the value fails to remain above the $220 help, the value may take a look at the $212 help. Any additional losses could lead on the value towards the $200 zone within the close to time period.

Technical indicators

4-hour MACD – The MACD for BCH/USD is dropping tempo within the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is presently under the 50 degree.

Key Support Levels – $225 and $220.

Key Resistance Levels – $236 and $244.