HomeAltcoin NewsBitcoin Cash Analysis: Bulls Face Hurdles Near $200

Bitcoin Cash Analysis: Bulls Face Hurdles Near $200

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  • Bitcoin cash price started a fresh decline from the $210 resistance against the US Dollar.
  • The price is now trading above the $185 zone and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $189 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $200 and $210 to start a fresh increase in the near term.

Bitcoin cash price is struggling below $200 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $200.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $210 and $215. However, BCH failed to gain pace and started a fresh decline below the $200 level.

There was a move below the $188 level and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $189 on the 4-hours chart of the BCH/USD pair. The price even traded below the $185 support and formed a low near $182.

It is now correcting losses above the $185 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $210 swing high to $182 low.

On the upside, the price is now facing resistance near the $192 level. The next major resistance is near the $200 level. It is near the 50% Fib retracement level of the recent decline from the $210 swing high to $182 low. The main hurdle sits near the $210 level.

A clear break above $210 and $215 might send the price towards the $240 barrier. Any more gains above $240 could set the pace for a larger increase.

An immediate support on the downside is near the $185 zone. The next major support is near the $182 level, below which the bears might gain strength. The next target for them may perhaps be near the $172 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $185 zone and the 55 simple moving average (4-hours). Overall, the price must clear $200 and $210 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Key Support Levels – $182 and $172.

Key Resistance Levels – $200 and $210.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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