Bitcoin Cash price is now trading in a bearish zone at the $205 level. Will the BCHUSD pair rebound towards the $215 in the short term?
Yesterday, December 31, the price of Bitcoin Cash (BCH) was trading in a bearish trend. After encountering resistance at the $215 level, Bitcoin Cash price fell to $207. At the time of writing, Bitcoin Cash price is changing hands at $205 and trading above the 9-day and 21-day Moving Averages (MA).
On the downside, if the BCH price drops further, the coin could decline to the support levels of $180, $170 and $160, bringing the price of BCH to a new monthly low. Conversely, if more buyers emerge, they could push the price to the resistance level of $215. While trading at $220, a bullish continuation is likely to touch the $225 and $235 resistance levels and beyond.
In the meantime, 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, the price of BCHUSD is in a bearish trend. After a fresh increase above the $205 resistance, BCHUSD price found resistance near $215 level. The pair, however, failed to continue higher and started a downside correction below $210.
It is now trading at the $205 support level, below which it might test the $200 support. Any further losses could restart downtrend and the price might slide towards the $185 support level. 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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