Bitcoin Cash Analysis: Bulls Struggle Near $230

• Bitcoin cash price started a downside correction from the $230 zone against the US Dollar.
• The price is now trading above the $195 zone and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $208 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
• The pair could continue to move down if it breaks the $200 and $195 support levels.

Bitcoin cash price is declining from the $230 zone against the US Dollar, like Bitcoin. BCH/USD must stay above $195 to start a fresh increase.

Bitcoin Cash Price Analysis

Bitcoin Cash price was able to gain pace for a move above the $195 and $200 resistance levels. BCH even traded above the $220 level before the bears appeared.

There was a break above a key bearish trend line with resistance near $208 on the 4-hour chart of the BCH/USD pair. A high was formed near $228.46 before the price started a downside correction. There was a clear move below the $225 and $220 support levels.

The pair traded below the 23.6% Fib retracement level of the upward move from the $164.16 swing low to the $228.46 high. The bears even pushed the price below the $210 support.

It is now trading above the $195 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $215 level. The main resistance sits near the $225 level or $230. Any more gains above $230 could set the pace for a move toward the $250 level.

If there is a move above the $250 resistance, the price could rise toward the $265 zone. If not, the price might continue lower below $210.

Immediate support on the downside is near the $200 zone. The next major support is near the $195 level or the 50% Fib retracement level of the upward move from the $164.16 swing low to the $228.46 high, below which the bears might aim for $180. The next target for them may perhaps be near the $165 level.

Looking at the chart, Bitcoin Cash price is now trading above the $195 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $200 and $195 support levels.

Technical indicators

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

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

Key Support Levels – $200 and $195.

Key Resistance Levels – $225 and $230.

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