Categories: Bitcoin Latest News

Bitcoin Cash Price: Investors Must Avoid These Levels To Prevent Losses

Investors, who are keeping a close eye on Bitcoin Cash and want to avoid losses, should steer clear of these crucial price points.

As of this writing, Bitcoin is still showing a little bit of bullishness, despite losing a few digits from its price. BTC retreated below the $20K mark, and now trades at $19,998, according to data from Coingecko.

Short-term support for the bears came from rejection wicks at the $20.5k level. Even Bitcoin Cash, the fork of BTC, isn’t immune to this issue.

BCH is in such a jam, despite Bitcoin losing the $20k psychological support.

There have been recent reports regarding a number of developments with potentially profound implications for BCH. This report indicates that Bitcoin Cash’s transaction volume has been below the average of 27,734 daily transactions.

Lower transaction volumes are a negative indicator to both potential and existing investors for BCH, thus this could be an issue.

Bitcoin Cash: Formidable Wall For The Bulls

Bitcoin Cash’s value fell 35.50% between the July 29 rally and the September 19 low, before rebounding 17.40%. After that time, however, Bitcoin Cash’s price remains stable.

These days, you can buy Bitcoin Cash for as little as $96.559 and as much as $166.025. Furthermore, BCH has a support level at $112.246 and a resistance level at $125,912.

Although CCI and Stoch RSI readings are optimistic, the stated resistance level remains a formidable obstacle for BCH bulls to overcome.

Even though the Chaikin money flow index is optimistic, it is establishing a downward trajectory, indicating that the velocity of selling is increasing.

The CMF index’s gloomy prognosis, on the other hand, is more pronounced on the 4-hour time range.

The 4-hour CMF is -0.05, indicating that sellers are gaining control of the BCH market. Currently, the question is whether BCH can still recover.

Possible Recuperation? Or Further Decline?

The BCH support line stays unchanged. However, there are two levels of resistance that investors and traders should target: $125.912 and $138.835.

Source: TradingView

The former level was breached twice on August 23 and September 9, but the bulls were unable to sustain the break, resulting in a price decline to $112.246.

A breach of the $125.912 resistance can be interpreted as a psychological buy signal for investors. Since the fall on September 13, a modest uptrend is building on the 4-hour time period.

A strong closing in today’s trade could aid the bulls in maintaining momentum and finally surpassing the indicated resistance levels.

BCH market cap at $2.28 billion Featured image from CriptoFacil, Chart: TradingView.com

Tags: BCHbitcoinBitcoin Cashbtcbtcusdcryptocurrency

NewsBTCRead More

Recent Posts

More Nodeless Non-custodial Bitcoin Lightning Wallets, Por Favor

Follow Frank on X. On Tuesday, Breez announced its latest partner, Yopaki, a Mexican neobank. Yopaki…

38 minutes ago

First Mover Americas: Bitcoin Trades Around $91K as ETF Inflows Remain Strong

The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 14,…

2 hours ago

U.S. ETF Inflows Hit $4.7B Over 6 Days as Bitcoin Becomes 7th-Largest Asset in the World

Bitcoin dominance continues its uptrend and hits new highs as ETF inflows soar.Read MoreCoinDesk: Bitcoin,…

3 hours ago

What Does a 60/40 Portfolio Look Like if We Replace Bonds With Bitcoin, a Lot Better: Van Straten

Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]

3 hours ago

Bitcoin Sets Record $93,000 High As Extreme Greed Level Hits 84

Data shows the Bitcoin market sentiment has recently seen a significant uplift as the cryptocurrency’s…

6 hours ago

Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak?

Bitcoin has continued with its strong bullish momentum, trading at highs that have never before…

7 hours ago