Bitcoin Cash Price Analysis: How far will this consolidation go?
|- Bitcoin Cash sideways trading takes center stage amid low volatility levels.
- Bitcoin Cash bulls must bring down the trendline resistance to revive the momentum towards $220.
Bitcoin Cash continues to nurse wounds in the range between $204 and $208. After opening the session at $206.94 BCH ascended to highs of $207.84. An intraday low has been posted at $203.53 amid a stronger bearish momentum.
The descending trendline is capping movement marginally under $208. The 100 SMA at $208.93 must come down for BCH to correct towards $214 supply zone. The sideways trading is likely to last longer, especially with the MACD moving horizontally at -0.45.
Similarly, the RSI is moving horizontally at 44.44 after recovering from Tuesday low at 30. If the RSI continues to move sideways, BCH consolidation could last longer. Trading above the trendline resistance and the range limit at $208 revamp the momentum towards $220.
BCH/USD 1-hour chart
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