Bitcoin Cash Price Analysis: BCH/USD Recovery Faces Hurdle Near $280

Key Points

  • Bitcoin cash price declined further and traded close to the $200 support against the US Dollar.
  • This week’s followed important bearish trend line is still in place with resistance at $280 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could find it difficult to clear the $275 and $280 resistance levels in the near term.

Bitcoin cash price tested the $200 support area and recovered against the US Dollar. However, BCH/USD is facing a solid resistance near the $280 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price could slide further towards $200 against the US Dollar. The BCH/USD pair did decline further and traded below the $240 and $220 support levels. It traded close to the $200 level and settled below the 100 hourly simple moving average. The price traded as low as $202 and later started an upside correction. Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $361 high to $202 low.

However, the recent recovery faced a solid resistance near the $280 level. More importantly, this week’s followed important bearish trend line is still in place with resistance at $280 on the hourly chart of the BCH/USD pair. Besides, the 50% Fib retracement level of the recent slide from the $361 high to $202 low acted as a hurdle. The pair is currently consolidating near the $250 level with a minor bullish angle. It seems like buyers could make another attempt to clear the $275 and $280 resistance levels.

Looking at the chart, BCH price may find it difficult to surpass the $280 barrier. If buyers succeed, the price could recover towards the $300 and $330 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just around the 50 level.

Major Support Level – $220

Major Resistance Level – $280

Author: Aayush Jindal

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