Bitcoin Cash Analysis: Key Breakout Resistance Sits At $200 | Live Bitcoin News

• Bitcoin cash is attempting a recovery wave from the $188 zone against the US Dollar.
• The price is now trading below the $200 zone and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
• The pair must clear $200 and $210 to start a steady upward movement in the near term.

Bitcoin cash price is rising from $188 against the US Dollar, similar to Bitcoin. BCH/USD could start a fresh surge if it clears the $200 level.

Bitcoin Cash Price Analysis

Bitcoin cash price extended losses below the $200 support zone. BCH even revisited the $188 support zone. Recently, it formed a decent support base above the $188 level.

It started a decent increase and was able to clear the $190 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $192 on the 4-hour chart of the BCH/USD pair. However, it is still trading below the $200 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $200 level. It is close to the 23.6% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low.

The next major resistance is near the $205 level, above which the price may perhaps rise toward the $208 level or the 50% Fib retracement level of the downward move from the $228.46 swing high to the $189.46 low. Any more gains above $225 could set the pace for a move toward the $126 level.

If not, the price might decline again. Immediate support on the downside is near the $190 level. The first major support sits near the $188 level. The next major support is near $180, below which the bears might aim for $172. The next target for them may perhaps be near the $165 level.

Looking at the chart, Bitcoin Cash’s price is now trading below the $200 zone and the 55 simple moving average (4 hours). Overall, the price must clear $200 and $210 to start a steady upward movement in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $190 and $188.

Key Resistance Levels – $200 and $208.

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• Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-key-breakout-resistance-sits-at-200/