Bitcoin cash price declined and retested the $220 support zone against the US Dollar. BCH is now consolidating and facing many hurdles near $226 and $230.<\/p>\n
This past week, bitcoin cash price started a steady decline (similar to btc) below the $235 and $230 support levels. BCH even traded below the $225 support level and settled well below the 100 simple moving average (4-hours).<\/p>\n
It tested the $220 support and formed a low at $217. It is currently consolidating losses and correcting above the $220 level. There was a spike above the 23.6% Fib retracement level of the downward move from the $246 swing high to $217 low.<\/p>\n
However, the price is facing a lot of hurdles on the upside, starting with $225. There is also a key bearish trend line forming with resistance near $226 on the 4-hours chart of the BCH\/USD pair.<\/p>\n<\/p>\n
The main resistance above the trend line is near the $230 level and the 100 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $246 swing high to $217 low.<\/p>\n
A successful break above the trend line and then $230 could initiate a fresh increase. In the mentioned case, the bulls are likely to aim a retest of $245. Any further gains could push the price above the $250 resistance.<\/p>\n
If bitcoin cash price fails to break the trend line resistance, $230, and the 100 simple moving average (4-hours), there is a risk of a major downside break.<\/p>\n
An initial support is near the $220 level, below which the price could even trade below the $217 low. Any further losses may perhaps lead the price towards the $200 handle in the near term.<\/p>\n
Technical indicators<\/p>\n
Hourly MACD The MACD for BCH\/USD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BCH\/USD is currently rising towards the 50 level.<\/p>\n
Key Support Levels $220 and $217.<\/p>\n
Key Resistance Levels $226 and $230.<\/p>\n
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Bitcoin Cash Breaking This Confluence Resistance Could Spark a Strong Surge - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin cash price declined and retested the $220 support zone against the US Dollar. Continue reading