Bitcoin Cash Eyes Reversal After Bitcoin & Ethereum Upsurge

Aayush Jindal

1 year ago

2 mins read

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Bitcoin cash price is showing recovery signs from the $170 monthly low against the US Dollar.
The price is currently consolidating above the $180 and $182 support levels.
There is a key bearish trend line forming with resistance near $190 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to turn bullish once it settles above $190 and $195 in the near term.

Bitcoin cash price is attempting an upside break above $190, whereas bitcoin rallied above $7,000. BCH/USD could start another increase if it clears the $195 resistance.

Bitcoin Cash Price Analysis

This month, bitcoin cash price followed a bearish path below $220 against the US Dollar. BCH price broke many supports near the $200 and $195 levels to enter further into a bearish zone.

Moreover, there was a close below the $195 level and the 100 hourly simple moving average. Finally, there was a break below $180 and the price traded to a new monthly low near $170.

Recently, bitcoin price surged more than 10% and reclaimed the $7,000 support area. It prompted a strong rise in altcoins such as ripple, bitcoin cash, EOS, and Ethereum.

BCH price climbed above the $175 and $180 resistance levels to start the current recovery. Besides, it traded above the 23.6% Fib retracement level of the key decline from the $207 high to $170 low.

However, the price ran into the main $190 resistance area. Additionally, there is a key bearish trend line forming with resistance near $190 on the hourly chart of the BCH/USD pair.

More importantly, the price failed to gain strength above the 50% Fib retracement level of the key decline from the $207 high to $170 low. Therefore, the price must surpass the $190 and $195 resistance levels to move into a positive zone and start an uptrend.

On the other hand, the price could fail to surpass $190 and $195. In this case, the price is likely to resume its decline below $182 and $180. The main support is now near the $170 low, below which it could slide towards $165.

Looking at the chart, bitcoin cash price seems to be trading in a range below the main $190 and $195 resistance levels. A successful close above $195 could encourage the bulls in the near term.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level, with a minor bearish angle.

Key Support Levels – $180 and $170.

Key Resistance Levels – $190 and $195.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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