Key Points
- Bitcoin cash price settled below the $190 and $200 support levels against the US Dollar.
- There was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could correct higher, but it is likely to face sellers near the $190 or $200 resistance level.
Bitcoin cash price moved back in a bearish zone below $200 against the US Dollar. BCH/USD could decline towards $160 as long as it is below $200.
Bitcoin Cash Price Analysis
After a solid recovery above the $200 level, bitcoin cash price struggled to hold gains against the US Dollar. The BCH/USD pair started a fresh decline and traded below the $200 and $190 support levels. There was even a close below the $180 level and the 100 hourly simple moving average. The price even broke the 61.8% Fib retracement level of the last recovery from the $145 swing low to $206 high.
More importantly, there was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair. The pair tested the $160 support zone and formed a low at $161. Later, there was a minor upside correction above the $170 level. The price also moved above the 23.6% Fib retracement level of the recent decline from the $206 high to $161 low. However, there are many resistances on the upside near the $180 and $190 levels. Additionally, the 100 hourly SMA is also positioned near the $180 level.
Looking at the chart, BCH price is currently trading below the key $190 and $200 resistance levels. As long as there is no break above these resistances, the price could slide back towards $160 or $150.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed above the 50 level.
Major Support Level – $165
Major Resistance Level – $190
