HOME CATEGORIES WRITE AND EARN πŸ”
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Cash Facing Uphill Task, BTC & ETH Consolidating

Altcoins 2019/12/03 09:00 by Aayush Jindal
  • Bitcoin cash price is facing a strong resistance near the $216 and $218 levels against the US Dollar.
  • The price is currently consolidating in a range above the $210 support area.
  • There is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must surpass the $216 resistance area to start a nice upward move.

Bitcoin cash price is facing many resistances near $216 against the US Dollar. BCH/USD could tumble below $210 if it continues to struggle near $216.

Bitcoin Cash Price Analysis

After a steady decline, bitcoin cash price found support near the $210 level against the US Dollar. BCH price traded as low as $209 and recently started an upside correction.

It broke the $213 level, and the 23.6% Fib retracement level of the last key decline from the $227 high to $209 low. However, the price seems to be facing a strong resistance near the $216 and $218 levels.

Similarly, bitcoin is struggling to gain momentum above the $7,400 resistance area and Ethereum is finding it hard to continue higher above $152.

On the upside, BCH seems to be struggling near the $216 level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the last key decline from the $227 high to $209 low is near the $218 level.

More importantly, there is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair. Therefore, an upside break above the $216 and $218 resistance levels is must for bullish continuation.

The next set of resistances is near the $225 level. An intermediate resistance is near the 61.8% Fib retracement level of the last key decline from the $227 high to $209 low at $220.

On the other hand, the price could fail to surpass $216 and $218. In the mentioned case, the price is likely to retest the $210 support area. Any further losses may perhaps lead the price towards the $200 support area.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price seems to be consolidating below the main $216 and $218 resistance levels. In the short term, there could be ranging moves above the $210 support before the price either rallies towards $227 or revisit the $200 support area.

Technical indicators

Hourly MACD – The MACD for BCH/USD is currently losing momentum and moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level, with a minor bullish angle.

Key Support Levels – $210 and $200.

Key Resistance Levels – $216 and $218.

The post Bitcoin Cash Facing Uphill Task, BTC & ETH Consolidating appeared first on NewsBTC.

0 Like(s)



You should also read...

Bitcoin 15/04/20 05:38 by Aayush Jindal
Bitcoin Showing Signs of Recovery But This Trend Line Could Be Game Changer
Bitcoin is showing a few recovery signs above the $6,760 support against the US Dollar. However, BTC price is still trading below a key bearish trend line and $7,000. Bitcoin is currently correcting ...
Read More
Bitcoin 21/05/20 05:58 by Aayush Jindal
Bitcoin Topside Bias Could Be Vulnerable Below $9,500 And 100 SMA
Bitcoin failed to climb above the $9,950 and $10,000 resistance levels against the US Dollar. BTC price is currently plunging and it is now vulnerable to more losses below $9,400. Bitcoin is down mor...
Read More
Altcoins 17/06/20 07:28 by Aayush Jindal
Bitcoin Cash Price Recovery Could Face Huge Barrier Near $250
Bitcoin cash price declined heavily and tested the $225 support zone. BCH is currently recovering, but it is likely to face a strong barrier near the $248 and $250 resistance levels. Bitcoin cash pri...
Read More
Bitcoin 14/07/20 05:48 by Aayush Jindal
It’s Decision Time for Bitcoin as Technicals Suggest a Crucial Breakout Pattern
Bitcoin is facing an uphill task near $9,300 and $9,400 against the US Dollar. BTC seems to be preparing for the next big move either above $9,400 or below $9,000. Bitcoin is stuck in a broad range a...
Read More
Bitcoin 17/07/20 05:58 by Aayush Jindal
Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?
Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. BTC is currently showing bearish signs and it might struggle to stay above the $9,000 support. Bitc...
Read More