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

Aayush Jindal

1 year ago

2 mins read

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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.

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

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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