Bitcoin Cash Price Analysis: BCH/USD Remains Sell Near $200

Key Points

  • Bitcoin cash price settled below the $ 190 and $ 200 support levels against the US Dollar.
  • There was a break below an ascending channel with support at $ 172 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could correct higher, but it is likely to face sellers near the $ 190 or $ 200 resistance level.

Bitcoin cash price moved back in a bearish zone below $ 200 against the US Dollar. BCH/USD could decline towards $ 160 as long as it is below $ 200.

Bitcoin Cash Price Analysis

After a solid recovery above the $ 200 level, bitcoin cash price struggled to hold gains against the US Dollar. The BCH/USD pair started a fresh decline and traded below the $ 200 and $ 190 support levels. There was even a close below the $ 180 level and the 100 hourly simple moving average. The price even broke the 61.8% Fib retracement level of the last recovery from the $ 145 swing low to $ 206 high.

More importantly, there was a break below an ascending channel with support at $ 172 on the hourly chart of the BCH/USD pair. The pair tested the $ 160 support zone and formed a low at $ 161. Later, there was a minor upside correction above the $ 170 level. The price also moved above the 23.6% Fib retracement level of the recent decline from the $ 206 high to $ 161 low. However, there are many resistances on the upside near the $ 180 and $ 190 levels. Additionally, the 100 hourly SMA is also positioned near the $ 180 level.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is currently trading below the key $ 190 and $ 200 resistance levels. As long as there is no break above these resistances, the price could slide back towards $ 160 or $ 150.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

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

Major Support Level – $ 165

Major Resistance Level – $ 190

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Analysis – NewsBTC

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