Bitcoin cash analysis shows that the price nosedived below the $250 level and even tested the $140 support but it is currently correcting higher.
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.
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.
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