Bitcoin Cash Price at Critical Level: Will BCH drop below $305 support?

Bitcoin Cash (BCH) has experienced a sharp decline, dropping nearly 50% from its recent highs. However, it remains above the critical $340 horizontal support level. Whether BCH bounces or breaks down from this level will determine its next major move.

Read BCH Price Prediction for more detailed insights 

Key Support and Resistance Levels

• The weekly chart shows BCH broke below its ascending support trend line in early February, ending a 539-day uptrend.
• Despite this breakdown, BCH has held above the $305 support zone.
• A decisive breakdown below $305 could lead to a further decline toward $195.

Technical Indicators

• The Relative Strength Index (RSI) is below 50, indicating weak momentum.
• The Moving Average Convergence/Divergence (MACD) remains negative, signaling a bearish trend.
• If BCH fails to reclaim its lost trend line, downside pressure may continue.

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Bullish Arguments

• Crypto analyst VipRoseTr noted that BCH has gained 35% from its support zone, forming a double V-shaped recovery.
• If momentum continues, potential price targets include:
  • $529
  • $671
  • $832

• Another analyst, Mr. Kun, suggests BCH is on track to reclaim $640, which could be a key level for further upside.
• Breaking above $640 could lead to a rally toward $3,000.

What’s Next for BCH?

• The $305 support level is crucial for determining BCH’s next move.
• A breakdown below $305 could confirm a prolonged bearish phase.
• A strong bounce could reignite bullish momentum and push BCH toward higher resistance levels.
• Traders should monitor confirmation signals before making trading decisions in the volatile BCH market.