- Bitcoin cash is attempting a recovery wave from the $188 zone against the US Dollar.
- The price is now trading below the $200 zone and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $200 and $210 to start a steady upward movement in the near term.
Bitcoin cash price is rising from $188 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $200 level.
Bitcoin Cash Price Analysis
Bitcoin cash price extended losses below the $200 support zone. BCH even revisited the $188 support zone. Recently, it formed a decent support base above the $188 level.
It started a decent increase and was able to clear the $190 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair. However, it is still trading below the $200 zone and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $200 level. It is close to the 23.6% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low.
The next major resistance is near the $205 level, above which the price may perhaps rise toward the $208 level or the 50% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low. Any more gains above $225 could set the pace for a move toward the $126 level.
If not, the price might decline again. Immediate support on the downside is near the $190 level. The first major support sits near the $188 level. The next major support is near $180, below which the bears might aim for $172. The next target for them may perhaps be near the $165 level.
Looking at the chart, Bitcoin Cash’s price is now trading below the $200 zone and the 55 simple moving average (4 hours). Overall, the price must clear $200 and $210 to start a steady upward movement in the near term.
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 – $190 and $188.
Key Resistance Levels – $200 and $208.