Bitcoin Cash Price (BCH) Could Face Hurdles Near $220


After a strong decline, bitcoin cash price found support near $198.00-$200.00. BCH to USD is currently recovering, but it might face hurdles near the $220.00 area.

Key Takeaways: BCH/USD

  • Bitcoin cash price is rebounding after a sharp decline towards the $200.00 area against the US Dollar.
  • BCH/USD is likely to face resistance near $220.00 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is trading below $7,500 and Ethereum price might struggle to recover above $167.00.

Bitcoin Cash Price Analysis

Recently, there was a sharp decline in bitcoin cash below the $220.00 and $212.00 support levels. As a result, the price even declined below $206.00 and tested the $198.00-$200.00 support area.

Bitcoin Cash Price Analysis

Looking at the 2-hours chart, bitcoin cash traded as low as $197.78 and settled well below the 50 simple moving average (2-hours, purple). The price is currently correcting higher above the $202.00 and $206.00 levels.

BCH traded above the 23.6% Fib retracement level of the slide from $236.44 to $197.78. At the moment, the price is trading close to the $212.00 and $215.00 resistance levels. However, the main resistance is near $220.00 and a bearish trend line on the same chart.

Moreover, the 50% Fib retracement level of the slide from $236.44 to $197.78 is near the $217.10 level to act as a strong resistance. More importantly, the 50 simple moving average (2-hours, purple) is close to $221.50 to stop the recovery.

Therefore, a successful break above the $220.00 resistance is needed for a fresh increase in the near term. Conversely, if bitcoin cash price declines again, it could find support near the $206.00 level.

The main supports are near $200.00 and $198.00, below which there is a risk of another sharp decline. The next key support is near the $185.00 area. Overall, BCH price might correct higher towards the $220.00 zone, where the bulls are likely to face a strong selling interest. Only a close above $220.00 is likely to decrease selling pressure in the coming days.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$512.3532 change ~ 3.18%

Coin Market Cap

$9.57 Billion

24 Hour Volume

$288.4 Million

24 Hour VWAP

$507

24 Hour Change

$16.31

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide