HomeAltcoin NewsBitcoin Cash Analysis: Key Breakout Resistance Sits At $200

Bitcoin Cash Analysis: Key Breakout Resistance Sits At $200

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  • Bitcoin cash is attempting a recovery wave from the $188 zone against the US Dollar.
  • The price is now trading below the $200 zone and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $200 and $210 to start a steady upward movement in the near term.

Bitcoin cash price is rising from $188 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $200 level.

Bitcoin Cash Price Analysis

Bitcoin cash price extended losses below the $200 support zone. BCH even revisited the $188 support zone. Recently, it formed a decent support base above the $188 level.

It started a decent increase and was able to clear the $190 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair. However, it is still trading below the $200 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $200 level. It is close to the 23.6% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low.

The next major resistance is near the $205 level, above which the price may perhaps rise toward the $208 level or the 50% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low. Any more gains above $225 could set the pace for a move toward the $126 level.

If not, the price might decline again. Immediate support on the downside is near the $190 level. The first major support sits near the $188 level. The next major support is near $180, below which the bears might aim for $172. The next target for them may perhaps be near the $165 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading below the $200 zone and the 55 simple moving average (4 hours). Overall, the price must clear $200 and $210 to start a steady upward movement in the near term.

Technical indicators

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

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

Key Support Levels – $190 and $188.

Key Resistance Levels – $200 and $208.

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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