- Bitcoin cash price is trading nicely above the $182 support area against the US Dollar.
- The price is facing a couple of important hurdles near the $198 and $204 levels.
- There is a declining channel or a bullish flag forming with resistance near $192 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could decline a few points before a fresh increase above the $198 resistance area.
Bitcoin cash price is trading in a positive zone above $182 and $180 against the US Dollar. BCH/USD could accelerate gains if it clears the $198 and $204 resistances.
Bitcoin Cash Price Analysis
Earlier this month, there was a steady decline in bitcoin cash price below the $182 support against the US Dollar. Moreover, BCH price settled below the $182 support and the 55 simple moving average (4-hours).
Finally, the price spiked below the $172 support area. A low was formed near $169 and recently the price started a nice upward move. It broke the $182 and $190 resistance levels.
However, the price struggled to continue above the $198 resistance. The price is currently correcting lower below $190. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $169 low to $198 high.
On the downside, the $182 level is acting as a strong support. More importantly, the 50% Fib retracement level of the upward move from the $169 low to $198 high is providing support.
On the upside, an initial resistance is near the $192 level. Additionally, there is a declining channel or a bullish flag forming with resistance near $192 on the 4-hours chart of the BCH/USD pair.
If there is an upside break above the channel resistance, bitcoin cash price could even surge above the $198 resistance. The next major resistance is near the $204 level, above which the price might climb higher towards the $220 level.
On the downside, an initial support is near the $185 level, followed by $182. If there is a downside break below the $182 support, the price will most likely revisit the $170 support area.
Looking at the chart, bitcoin cash price is showing a few positive signs above the $185 and $182 support levels. Thus, there are high chances of an upside break above the $198 and $204 resistance levels in the near term.
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 well above the 50 level.
Key Support Levels – $182 and $180.
Key Resistance Levels – $198 and $204.
