thejoyofsaving.com- In relation to the US Dollar, bitcoin cash started to rise sharply over the $200 and $210 levels.
- The price is currently trading above both the $210 area and the four-hour 55 simple moving average.
- On the 4-hour chart of the BCH/USD pair (data feed from Coinbase), there was a break over a significant bearish trend line with resistance close to $190.
- For the pair to move higher in the near future, $225 and $232 must be cleared.
Similar to bitcoin, the price of bitcoin cash is rising above $210 against the US dollar. If BCH/USD clears the $225 mark, another rally might begin.
Bitcoin Cash Price Analysis
Above $180, the price of Bitcoin cash established a strong base of support. BCH started off well and was able to break through the $200 resistance area.
The resistance levels of $205 and $210 were surpassed by the price. On the 4-hour chart of the BCH/USD pair, there was a break over a significant negative trend line with resistance close to $190. Even more so, it rose past $220 and reached a high of $225.80.
It is currently trading above both the $210 area and the four-hour 55 simple moving average. Positive price activity at the moment suggests a strong likelihood of more increases.
The price is meeting resistance near the $225 mark on the upside. The price may perhaps increase toward the $250 level above the next significant resistance, which is located close to the $232 level. A run toward the $280 level might get underway if there are any additional gains above $350.
Near the $215 level, or the 23.6% Fib retracement level of the upward movement from the $180 swing low to the $225 high, there is immediate support on the downside. The $204 mark represents the first significant support.
It is quite near to where the upward movement from the $180 swing low to the $225 high is retraced 50% on the Fibonacci scale. Below $200, where the bears may try for $192, is the next support area. They might have the $180 mark as their next objective.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $204 and $200.
Key Resistance Levels – $225 and $232.
2 comments
It will cross 210$ soon
nice post