Bitcoin cash price is likely approaching the next key break and must surpass $212 and to climb higher towards $226 and $236 resistance level.
After a strong rejection near the $225 resistance, the price of Bitcoin Cash declined below $215 level. BCH price tested the $205 support level and started trading in a range-bound movement. However, the coin stayed above the $202 support and the recent low was formed near $203.
At press time, Bitcoin Cash price is currently rising and trading at the $210 level.
On the upside, if more buyers emerge, the coin will rise and retest the $215 and the $226 level. Nevertheless, there is a crucial bearish trend line forming with resistance near $212 on the 4-hours chart.
On the other hand, an initial support is near the $205 and $202 level. If there is a downside break below $202, the price could decline heavily towards the support of $192 or $185.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, BCHUSD price is under pressure below the $215 level. However, the price is likely to recover $226 as long as there is no bearish close below the $200 support level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a 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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