Bitcoin Cash Price (BCH) Could Struggle To Recover Past $200


After a massive decline, bitcoin cash found support near the $140.00 level. BCH to USD is currently correcting higher and it is likely to face a strong resistance near the $200.00 and $205.00 levels.

Key Takeaways: BCH/USD

  • Bitcoin cash price is showing a few positive recovery signs above $165.00 against the US Dollar.
  • BCH/USD is likely to test the $200.00 resistance and a major bearish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is up more than 10% and it is rising steadily towards the $5,800 resistance area.

Bitcoin Cash Price Analysis

This past week, we saw a massive decline in BTC, bitcoin cash price, ethereum and XRP. BCH/USD broke many supports near $200.00 to move into a negative zone.

Looking at the 2-hours chart, bitcoin cash price even broke the $150.00 support and settled below the 50 simple moving average (2-hours, purple). A new 2020 low is formed near the $140.57 and the price is currently correcting higher.

There was a break above the $165.00 resistance level. Besides, the price traded above the 23.6% Fib retracement level of the key decline from $270.69 to $140.57.

The upward move is gathering pace above the $190.00 level and the 50 simple moving average (2-hours, purple). It seems like bitcoin cash price is likely to test the $200.00 resistance and a major bearish trend line on the same chart.

The 50% Fib retracement level of the key decline from $270.69 to $140.57 is also near the $205.60 level to act as a strong resistance zone. A clear break above the $200.00 and $205.00 resistance levels is needed for the bulls to gain pace.

The next major resistance is near the $220.00 level, above which the price could accelerate towards the $240.00 level in the near term.

Conversely, bitcoin cash price could fail to clear the $200.00 and $205.00 resistance levels. In the mentioned case, it could slide back below the $190.00 and $180.00 levels. The main support is near the $165.00 level, below which BCH might revisit the $140.00 zone.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$394.4921 change ~ 5.03%

Coin Market Cap

$7.34 Billion

24 Hour Volume

$411.74 Million

24 Hour VWAP

$384

24 Hour Change

$19.83

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