- Bitcoin cash price is facing a strong resistance near the $212 area against the US Dollar.
- The price is showing a few positive signs above the $202 and $192 support levels.
- There is a crucial bearish trend line forming with resistance near $212 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a strong rise if it breaks the $212 and $215 resistance levels.
Bitcoin cash price is likely approaching the next key break against the US Dollar. BCH/USD must surpass $212 and to climb higher towards $226 and $236.
Bitcoin Cash Price Analysis
In the past few days, bitcoin cash price stayed above the $192 and $202 support levels against the US Dollar. On the upside, BCH price struggled to gain strength above the $225 and $226 levels.
As a result, there was a fresh decline below the $210 level and the 55 simple moving average (4-hours). However, the price stayed above the $202 support and the recent low was formed near $203.
The price is currently rising and trading above the $210 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $226 high to $203 low.
On the upside, there is a major hurdle forming near $212 and 55 simple moving average (4-hours). Besides, there is a crucial bearish trend line forming with resistance near $212 on the 4-hours chart of the BCH/USD pair.
The 50% Fib retracement level of the recent decline from the $226 high to $203 low is also near the $215 level. Therefore, an upside break above the $212 and $215 resistance levels is must for a decent upward move.
The next major resistance is near the $226 level. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $226 high to $203 low.
If the price continues to rise above $220 and $226, it could even test the $236 resistance. On the downside, an initial support is near the $205 level, followed by $202. If there is a downside break below $202, the price could decline heavily towards $192 or $185.
Looking at the chart, bitcoin cash price is under pressure below the $215 level. However, the price is likely to recover $226 as long as there is no bearish close below the $202 support area.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently rising and is near the 50 level.
Key Support Levels – $202 and $192.
Key Resistance Levels – $212 and $226.
