Bitcoin Cash Price Prepares For The Next Move
Bitcoin Cash price is currently consolidating above the $180 level against the US Dollar. It is trading below $200 and the 100 simple moving average (4 hours). On the 4-hour chart, there is a key rising channel forming with resistance near $200. If the price clears $195 and $200, it is likely to accelerate higher.
Key Points:
- Bitcoin Cash found support near $160 and started a recovery wave.
- The price climbed above the $175 and $180 resistance levels.
- Immediate resistance is near $200, the channel zone, and the 100 simple moving average.
- Further gains could lead the price towards the $240 and $250 resistance levels.
- If the price fails to clear the $200 resistance, it could start a fresh decline.
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Dips Supported in BCH?
If Bitcoin Cash price fails to clear the $200 resistance, it could experience a fresh decline. The initial support on the downside is near $185, followed by the major support near $180. If the price fails to stay above $180, it could test the $170 support. Further losses could lead the price towards the $160 zone in the near term.
Technical Indicators
- 4-hour MACD: The MACD for BCH/USD is losing pace in the bullish zone.
- 4-hour RSI: The RSI is currently above the 50 level.
Hot Take:
Bitcoin Cash price is currently consolidating above a key support level. If it manages to clear the resistance near $200, it could experience further gains towards the $240 and $250 levels. However, if the price fails to break the resistance, a fresh decline could occur. It is important to keep an eye on the $180 support level as it plays a crucial role in determining the short-term trend of Bitcoin Cash.
