Bitcoin Cash Price Analysis: BCH/USD falling triangle is the glimmer of hope left
|- Bitcoin Cash inclines towards $200 and $190 support zones.
- The drab and sluggish technicals hint continued sideways trading between $200 and $210.
Bitcoin Cash has been narrowing within a falling triangle since June’s highs at $518. There have been numerous episodes of recovery but the result is mainly a step forwards a couple backward. In September and October BCH tested $200 support but recovered, jumping above $300 to form a high at $309. Failure to forge ahead in recovery opened another Pandora box culminating in the current losses under $210.
The cryptoasset currently dangles at $208 after defending the $200 support area once again. BCH has entered into a narrow consolidation range between $200 and $210. The falling wedge resistance needs to be broken for Bitcoin to rally towards $300.
The RSI is sliding sideways above the oversold. If the horizontal movement continues, BCH could close the week trading under $210. Besides, the MAC is ranging at -9.21 from November high at 20.11. If the support at $200 gives in, the price will reignite the downtrend to refresh the next support at $190.
BCH/USD daily chart
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