- Bitcoin cash price is currently recovering and trading above $210 against the US Dollar.
- The price is struggling to gain momentum above the $222 and $226 resistance levels.
- There is a major bearish trend line forming with resistance near $222 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a nice upward move above the $221 and $222 resistance levels.
Bitcoin cash price is showing positive signs above the $210 level against the US Dollar. BCH/USD is likely to climb higher towards $250 as long as it is above $200.
Bitcoin Cash Price Analysis
After a major decline, bitcoin cash price found support near the $192 level against the US Dollar. BCH price formed a decent support base and recently started an upside correction above the $200 resistance.
Moreover, there was a close above the $200 pivot level and the 55 simple moving average (4-hours). The price gained momentum above the 23.6% Fib retracement level of the last decline from the $247 high to $192 low.
Finally, there was a break above a connecting bearish trend line with resistance near $211 on the 4-hours chart of the BCH/USD pair. The price even spiked above the $220 resistance area.
However, it seems to be struggling to gain momentum above the $222 and $226 resistance levels. Additionally, the 50% Fib retracement level of the last decline from the $247 high to $192 low is acting as a resistance.
More importantly, there is another major bearish trend line forming with resistance near $222 on the same chart. If there is a successful break above the $222 and $226 resistance levels, the price is likely to rise further in the near term.
The next key resistance area is near the $236 and $240 levels, above which it could rise towards the $250 level. Conversely, the price could fail to climb above the $222 and $226 resistance levels.
In the mentioned case, the price is likely to resume its decline below the $215 and $210 support levels. The main support is near the $200 level, below which there is a risk an extended decline towards the $185 level.
Looking at the chart, bitcoin cash price is clearly facing a strong resistance near the $222 and $226 levels. It could either rally above $226 or start a fresh decline towards the $200 and $192 support levels.
4 hours MACD – The MACD for BCH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently in the rising and is above the 50 level.
Key Support Levels – $210 and $200.
Key Resistance Levels – $226 and $238.
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