Bitcoin Cash Market Update: BCH/USD facing dire resistance at $220
|- Bitcoin Cash nurtures the uptrend within an ascending channel.
- Technical indicators such as the RSI and the moving averages suggest that recovery will continue in the near term.
Bitcoin Cash feeble bullish advances keep falling short of $220 crucial hurdle. The recent significant recovery from lows around $191 came close to $230 but the bears trimmed the accrued gains, testing the support at $210.
For now, BCH is doddering at $214 and immediately supported by the 50 SMA on the 4-hour chart. The immediate resistance is $215 but $220 remains to be the toughest hurdle in the near term.
The RSI in the same 4-hour range, suggests that recovery will be gradual but steady. If the indicator continues above 50 and towards 70, BCH could easily take back $220 and focus on $230 and $240 respectively.
On the other hand, the narrowing gap between the 50 SMA and the 100 SMA shows that the technical picture is improving. However, with the MACD having a slightly bearish cross, the presence of the sellers cannot be ignored. Therefore, Bitcoin bulls must ensure that the price stays above $210 and focused on breaking $220.
BCH/USD 4-hour chart
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