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Bitcoin Cash Facing Uphill Task, BTC & ETH Consolidating

Avatar Aayush Jindal 6 months ago
  • Bitcoin cash price is facing a strong resistance near the $216 and $218 levels against the US Dollar.
  • The price is currently consolidating in a range above the $210 support area.
  • There is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must surpass the $216 resistance area to start a nice upward move.

Bitcoin cash price is facing many resistances near $216 against the US Dollar. BCH/USD could tumble below $210 if it continues to struggle near $216.

Bitcoin Cash Price Analysis

After a steady decline, bitcoin cash price found support near the $210 level against the US Dollar. BCH price traded as low as $209 and recently started an upside correction.

It broke the $213 level, and the 23.6% Fib retracement level of the last key decline from the $227 high to $209 low. However, the price seems to be facing a strong resistance near the $216 and $218 levels.

Similarly, bitcoin is struggling to gain momentum above the $7,400 resistance area and Ethereum is finding it hard to continue higher above $152.

On the upside, BCH seems to be struggling near the $216 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the last key decline from the $227 high to $209 low is near the $218 level.

More importantly, there is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair. Therefore, an upside break above the $216 and $218 resistance levels is must for bullish continuation.

The next set of resistances is near the $225 level. An intermediate resistance is near the 61.8% Fib retracement level of the last key decline from the $227 high to $209 low at $220.

On the other hand, the price could fail to surpass $216 and $218. In the mentioned case, the price is likely to retest the $210 support area. Any further losses may perhaps lead the price towards the $200 support area.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price seems to be consolidating below the main $216 and $218 resistance levels. In the short term, there could be ranging moves above the $210 support before the price either rallies towards $227 or revisit the $200 support area.

Technical indicators

Hourly MACD – The MACD for BCH/USD is currently losing momentum and moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level, with a minor bullish angle.

Key Support Levels – $210 and $200.

Key Resistance Levels – $216 and $218.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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