Bitcoin Cash Price Analysis: BCH/USD Consolidating Below $200

Key Points

  • Bitcoin cash price remained below the $ 200 resistance and corrected lower against the US Dollar.
  • There is a major bearish trend line formed with resistance near $ 193 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could consolidate in the short term below $ 195 and $ 200 before the next move.

Bitcoin cash price remained in a range below the $ 200 resistance against the US Dollar. BCH/USD must climb above $ 190 and $ 200 to climb further higher in the near term.

Bitcoin Cash Price Analysis

Yesterday, we saw a rejection in bitcoin cash price near the $ 195-200 resistance zone against the US Dollar. The BCH/USD pair corrected lower and traded below the $ 180 level. It tested the $ 165 support area and formed a base for the next move. The price climbed higher and retested the $ 195-200 zone where sellers appeared. There was a fresh decline recently and the price traded towards the $ 170 level.

A new intraday low was formed at $ 172 and later the price corrected higher. It moved above the 23.6% Fib retracement level of the recent decline from the $ 197 high to $ 172 low. There was also a close above the $ 180 level and the 100 hourly simple moving average. However, there are many resistances on the upside near the $ 188 and $ 190 levels. There is also a major bearish trend line formed with resistance near $ 193 on the hourly chart of the BCH/USD pair. Below the trend line, the 61.8% Fib retracement level of the recent decline from the $ 197 high to $ 172 low is also a hurdle.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be consolidating below the $ 200 resistance. On the downside, the key support is at $ 165, below which the price may test $ 150.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

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

Major Support Level – $ 165

Major Resistance Level – $ 195

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Analysis – NewsBTC

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