The price of Bitcoin Cash against the US dollar has risen from the $160 region. BCH may go for the $240 and $250 levels during a new surge.
- The price of bitcoin cash is stabilizing above $180 when compared to the US dollar.
- The price is currently trading below $200 and the 4-hour 100 SMA.
- On the 4-hour chart of the BCH/USD pair (data feed from Kraken), a significant rising channel with resistance close to $200 is forming.
- If the pair breaks through $195 and $200, it will probably move higher quickly.
Bitcoin Cash Price (BCH) Prepares For The Next Move
The price of Bitcoin Cash found support close to $160 after a sharp fall. Similar to Bitcoin and Ethereum, BCH recently began a recovery wave and traded as low as $160.90. The resistance levels of $175 and $180 were surpassed by the price. The negative movement from the $237 swing high to the $160 low was retraced at a 23.6% Fibonacci level, which was broken above. The price is currently fluctuating above the $190 mark.
Currently, the price of Bitcoin Cash is below $200 and the four-hour 100 simple moving average. On the 4-hour chart of the BCH/USD pair, a significant rising channel is also forming, with resistance located close to $200.
Near the $200 mark, the channel zone, and the 100 simple moving average (4 hours), there is immediate resistance. The 76.4% Fib retracement level of the decline from the $237 swing high to the $160 low, or close to $220, represents the next significant barrier.
Any further gains could lead the price toward the $240 and $250 resistance levels in the near term. The next major hurdle is near the $265 level.
Dips Supported in BCH?
The price of Bitcoin Cash may begin a new slide if it is unable to overcome the $200 resistance. Near $185 is where initial support on the downside is located.
Near the $180 mark, where the bulls are most likely to show up, is the next significant support. Price may test the $170 support if it is unable to maintain its position above the $180 level. In the near future, any additional losses might push the price in the vicinity of $160.
Technical indicators:
- 4-hour MACD – The BCH/USD MACD is eroding in the bullish region.
- Relative Strength Index (4-hour) – Currently, the RSI is over the 50 mark.
- $185 and $180 are the key support levels.
- $200 and $220 are Important Resistance Levels.
