Bitcoin cash price is facing a lot of hurdles near $220 as the bears are trying to sink the BCH/USD pair below $200 support level.
Yesterday, October 17, the price of Bitcoin Cash (BCH) was trading in a bearish trend. The coin declined steadily below the $230 support level to enter the bearish trend zone.
Later, the bulls made a couple of attempts to break above $230 resistance, but they were rejected. As a result, there was a fresh decline below the $225 support level. It opened the doors for further losses below the $215 level.
At the time of writing, Bitcoin Cash price is trading at the $211 level with a key bearish trend line forming with resistance near $220 on the 4-hours chart.
On the downside, if the bearish pressure intensifies, the crypto’ price will find support near the $205 and $200 levels. On the upside, if more buyers emerge, the coin will meet resistance at the $220 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates that the price is bearish and a sell signal.
On the 1-hour chart, the price of BCHUSD is in a bearish trend. The pair plunged recently from the $230 high to $213 low and it’s currently changing hands at $211 price level. A further decline is likely at $200, $190 with a possible new monthly low at $180.
Meanwhile, the BCH market is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in a bearish momentum and sell 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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