Bitcoin Cash Price Analysis: BCH/USD trends in a downward channel formation as price drops below $230
|- BCH/USD is trending in a downward channel formation and has dropped below red Ichimoku cloud.
- The MACD hints at an upcoming reversal of bullish momentum.
BCH/USD daily chart
BCH/USD bears remained in charge for the third straight day as the price fell from $230.12 to $228. The price is trending in a downward channel formation and has fallen below the red Ichimoku cloud. The MACD line is looking to cross over the signal line. This hints at an upcoming reversal of bullish momentum.
Support and levels
BCH/USD has strong resistance at $230 (SMA 20), $237.45 and $243.60. On the downside, healthy support lies at $222.72 and $216.55.
Key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.