Bitcoin Cash price is slowly declining towards the main $205 and $200 support levels. Will the downtrend continue?
Yesterday, December 9, the price of Bitcoin Cash (BCH) was consolidating in a flag formation, waiting for a potential breakout.
In September and October, Bitcoin Cash price tested $200 support level but recovered above $300 to form a high at $309. However, failure of the bulls to continue the uptrend resulted in the current losses below the $210 level.
At the time of writing, trading at the $208 after defending the $200 support level once again.
On the upside, if more buyers emerge, the coin will rise towards the $220 and $230 price levels. Conversely, if the $200 support level gets weak, the BCH price may find new monthly lows at $195, $185 support levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BCHUSD price is consolidating between $200 and $210 levels. After a short-term uptrend, the pair failed to climb above the key $220 and $225 resistance levels. The price of the BCHUSD pair is currently trading below the $210 level.
On the downside, the first key support is near the $205 level, below which the price is likely to test the main $200 support area in the short term. On the upside, a clear break above $225 is needed for a decent increase.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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