HomeAltcoin NewsBitcoin Cash Analysis: Recovery Could Be Capped Near $210

Bitcoin Cash Analysis: Recovery Could Be Capped Near $210

-

  • Bitcoin cash price started a fresh decline below the $200 zone against the US Dollar.
  • The price is now trading near the $192 zone and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $210 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a fresh decline if it stays below the $210 resistance zone.

Bitcoin cash price is struggling below the $210 zone against the US Dollar, similar to Bitcoin. BCH/USD could restart its decline if it fails near $200 or $210.

Bitcoin Cash Price Analysis

Bitcoin cash price remained in a bearish zone below the $220 and $210 resistance levels. BCH traded below the $200 support level to move further into a bearish zone.

There was a clear move below the $180 zone. The bears were able to flush the price toward the $165 support. A low is formed near $164 and the price is now correcting losses. There was a move above the $175 and $180 resistance levels.

BCH is now trading near the $192 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $200 level. It is close to the 50% Fib retracement level of the downward move from the $236 swing high to the $164 low.

The next key resistance is near the $210 zone. There is also a major bearish trend line forming with resistance near $210 on the 4-hour chart of the BCH/USD pair.

The trend line is near the 61.8% Fib retracement level of the downward move from the $236 swing high to the $164 low. Any more gains above $210 could set the pace for a move toward the $235 level. If there is a move above the $235 resistance, the price could rise toward the $265 zone.

If not, the price might continue lower below $185. Immediate support on the downside is near the $180 zone. The next major support is near the $165 level, below which the bears might aim for $150 or even $145.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading near the $192 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $210 resistance zone.

Technical indicators

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

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

Key Support Levels – $180 and $165.

Key Resistance Levels – $200 and $210.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular