- Bitcoin cash price declined further and traded close to the $ 200 support against the US Dollar.
- This week’s followed important bearish trend line is still in place with resistance at $ 280 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could find it difficult to clear the $ 275 and $ 280 resistance levels in the near term.
Bitcoin cash price tested the $ 200 support area and recovered against the US Dollar. However, BCH/USD is facing a solid resistance near the $ 280 level.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price could slide further towards $ 200 against the US Dollar. The BCH/USD pair did decline further and traded below the $ 240 and $ 220 support levels. It traded close to the $ 200 level and settled below the 100 hourly simple moving average. The price traded as low as $ 202 and later started an upside correction. Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $ 361 high to $ 202 low.
However, the recent recovery faced a solid resistance near the $ 280 level. More importantly, this week’s followed important bearish trend line is still in place with resistance at $ 280 on the hourly chart of the BCH/USD pair. Besides, the 50% Fib retracement level of the recent slide from the $ 361 high to $ 202 low acted as a hurdle. The pair is currently consolidating near the $ 250 level with a minor bullish angle. It seems like buyers could make another attempt to clear the $ 275 and $ 280 resistance levels.
Looking at the chart, BCH price may find it difficult to surpass the $ 280 barrier. If buyers succeed, the price could recover towards the $ 300 and $ 330 levels in the near term.
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 currently just around the 50 level.
Major Support Level – $ 220
Major Resistance Level – $ 280