- Bitcoin cash price is trading above the key $192 support area against the US Dollar.
- The price is showing positive signs above the $200 pivot level.
- There is a major bullish trend line forming with support near $196 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to surge if it clears the $210 and $215 resistance levels in the near term.
Bitcoin cash price is facing a strong resistance near $215 against the US Dollar. BCH/USD could continue to climb unless there is a break below the $192 support.
Bitcoin Cash Price Analysis
Recently, bitcoin cash price faced a strong resistance near the $215 level against the US Dollar. As a result, there was a break below the $210 support and the 55 simple moving average (4-hours).
Moreover, the price spiked below the $200 support area. However, the $192 zone acted as a strong support. A low is formed near the $192 level and the price is currently correcting higher.
It surged above the $200 level and the 23.6% Fib retracement level of the downward move from the $215 high to $192 low. The price is now trading above the $200 level and it is facing hurdles near $205.
It seems like the price is struggling near the 50% Fib retracement level of the downward move from the $215 high to $192 low. On the upside, there hurdles visible near the $210 and $215 levels.
If there is a clear break above the $210 and $215 resistance levels, bitcoin cash price is likely to continue higher. The next major resistance is near the $225, above which the bulls are likely to target the $250 level in the near term.
On the downside, an initial support is near the $200 level. If there is a downside break below the $200 support, there is a risk of a break towards the $192 support area. Any further losses may perhaps lead the price towards the $182 and $175 support levels in the near term.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is showing a few positive signs above the $200 and $192 support levels. Thus, there are high possibilities of an upside extension above the $215 level in the coming sessions.
Technical indicators
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 well above the 50 level.
Key Support Levels – $200 and $192.
Key Resistance Levels – $210 and $215.
Source: livebitcoinnews.com
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