Bitcoin Cash price dived more than 8% and is now trading below $180. It seems like it BCHUSD price could soon approach the $170 support level.
Bitcoin Cash Price Medium-Term Analysis
Yesterday, December 17, the price of Bitcoin Cash (BCH) was trading in a bearish trend. After struggling to stay above the $200 support, Bitcoin Cash price started another decline. BCH price is down more than 10% in the past few days and it even broke the $185 support level.
The price is now trading below $175 and it seems like it could soon approach the $170 support level.
On the upside, if more buyers emerge, the coin will rise and retest the $200 and $210 price levels. On the other hand, if the bulls fail to break the $185 level, the price may decline towards the $165 support.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BCHUSD Price Short-Term Analysis
On the 1-hour chart, the BCHUSD price is in a bearish trend. If the market drops below the $175 support, BCH price could slump to $170. Meanwhile, if the bulls can hold the support at $175, a strong buying pressure may likely take the price to $200 resistance.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $200, $210, $220
- Support levels: $170, $160, $150
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.