Bitcoin Cash worth recovered from the $160 zone in opposition to the US Dollar. BCH would possibly intention a recent rally towards the $240 and $250 ranges.
- Bitcoin money worth is consolidating above the $180 degree in opposition to the US Dollar.
- The worth is buying and selling beneath $200 and the 100 easy transferring common (4 hours).
- There is a key rising channel forming with resistance close to $200 on the 4-hour chart of the BCH/USD pair (information feed from Kraken).
- The pair is more likely to speed up greater if it clears $195 and $200.
Bitcoin Cash Price Prepares For The Next Move
After a powerful decline, Bitcoin Cash worth discovered assist close to the $160 degree. BCH traded as little as $160.90 and just lately began a restoration wave, like Bitcoin and Ethereum.
The worth climbed above the $175 and $180 resistance ranges. There was a break above the 23.6% Fib retracement degree of the downward transfer from the $237 swing excessive to the $160 low. The worth is now buying and selling in a variety above the $190 degree.
Bitcoin Cash is now buying and selling beneath $200 and the 100 easy transferring common (4 hours). There can also be a key rising channel forming with resistance close to $200 on the 4-hour chart of the BCH/USD pair.
Immediate resistance is close to the $200 degree, the channel zone, and the 100 easy transferring common (4 hours). The subsequent main resistance is close to $220 or the 76.4% Fib retracement degree of the downward transfer from the $237 swing excessive to the $160 low.
Source: BCH/USD on TradingView.com
Any additional features may lead the worth towards the $240 and $250 resistance ranges within the close to time period. The subsequent main hurdle is close to the $265 degree.
Dips Supported in BCH?
If Bitcoin Cash worth fails to clear the $200 resistance, it may begin a recent decline. Initial assist on the draw back is close to the $185 degree.
The subsequent main assist is close to the $180 degree, the place the bulls are more likely to seem. If the worth fails to remain above the $180 assist, the worth may take a look at the $170 assist. Any additional losses may lead the worth towards the $160 zone within the close to time period.
Technical indicators
4-hour MACD – The MACD for BCH/USD is dropping tempo within the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is at the moment above the 50 degree.
Key Support Levels – $185 and $180.
Key Resistance Levels – $200 and $220.
