Bitcoin cash price declined heavily and traded below the $200 support level. The price is currently correcting higher and it is facing a strong resistance near $220 level.
On October 23, the price of Bitcoin Cash (BCH) was in a bearish trend. After facing intense selling pressure, the bears pulled the coin below the $215 support level. Moreover, Bitcoin Cash price declined below the $200 support and formed a low near the $197 level. Currently, the market has resumed an upside correction and its trading at the $217 price level.
On the upside, if more buyers emerge, the coin will face resistance at the $220, $225 and $230 price levels.
On the other hand, if the bulls fail to break the resistance levels, the main support is near the $205 and $200 levels. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a bullish momentum and buy signal.
On the 1-hour chart, the price of BCHUSD is slowly moving closer towards the $220 resistance level. The pair will face resistance at the $218 and $220 levels. Nevertheless, it could either surge above the $220 level or start a fresh decline. On the upside, a clear break above the $220 level may perhaps push the price towards the $235 and $240 resistance levels in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a bullish momentum and 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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