Bitcoin cash analysis shows that the price nosedived below the $250 level and even tested the $140 support but it is currently correcting higher.
Bitcoin Cash Price Medium-term Analysis
Yesterday, March 12, the price of Bitcoin Cash (BCH) was trading in a bearish trend zone after a sharp decline from the $250 level. Moreover, BCH price broke sharp key supports near the $200 level to enter a bearish zone.
The decline was such that the price even tumbled below $175 and $160. Finally, it declined below the $150 level and it tested the $140 support zone. A low is formed near the $134 level.
However, at the time of writing this Bitcoin Cash price analysis, the bulls are roaring back after bloody Thursday. The BCHUSD pair has recovered towards the $185 level.
On the upside, if more buyers emerge, the market will rise and retest the $200 resistance level. If the bulls can push the price above the $200 resistance level, a move to the $220 and $250 levels is possible.
On the downside, if the bulls fail to recover above the $185 and $200 resistance levels, there is a risk of another downward move towards the $140 support zone.
In the meantime, 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 price of BCHUSD is recovering from a massive sell-off. The price is flirting with the lower curve of the 20-day Bollinger Band. So, while the bulls are in control, the BCHUSD price is still undervalued. However, the bulls will have to break above the $188.35 resistance level to continue the upward momentum.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $200, $250, $300
- Support levels: $180, $150, $140
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.