Bitcoin Cash Struggles to Surpass $270 Golden Ratio Barrier
The price of Bitcoin Cash (BCH) is currently facing challenges in surpassing the golden ratio resistance level at around $270. Despite attempts to break through this barrier, BCH has experienced bearish rejections.
Golden Crossover Emerges in Bitcoin Cash’s 4H Chart
In the 4-hour chart, a golden crossover has emerged for Bitcoin Cash, indicating a bullish trend in the short term. The Relative Strength Index (RSI) is currently neutral, providing mixed signals.
Weekly Chart Update: MACD Histogram in Bitcoin Cash Ticks Upward Bullishly
In the weekly chart for BCH, the Moving Average Convergence Divergence (MACD) histogram shows a bullish uptick this week. However, the MACD lines remain in a bearish crossover, and the RSI is positioned neutrally.
Monthly Chart Analysis: Bullish Uptick in Bitcoin Cash’s MACD Histogram
In the monthly chart for Bitcoin Cash, the MACD histogram displays a bullish increase this month. The MACD lines are also in a bullish crossover. This positive momentum has resulted in an approximate 20% increase in BCH price so far this month.
Bitcoin Cash Price Fluctuates Between Fibonacci Resistance and Support vs BTC
When trading against Bitcoin (BTC), Bitcoin Cash has broken through the significant golden ratio support level at approximately 0.0062 BTC. The price is now finding support between 0.00497 BTC and 0.0059 BTC. The former support level at 0.0062 BTC now acts as resistance.
Hot Take: Potential Bullish Breakout for Bitcoin Cash if Golden Ratio Resistance is Surpassed
If Bitcoin Cash successfully breaks through the golden ratio resistance level at $270, there is potential for a bullish breakout in the BCH price. However, it is important to note that there is significant resistance at the 200-week Exponential Moving Average (EMA) around $307. Despite these challenges, the overall trend for Bitcoin Cash remains bullish in the short to medium term.
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