Bitcoin Cash Price Analysis: Why BCH/USD short-lived breakout stalled under $200?
|- Bitcoin Cash hits a snag within a whisker of $200.
- Overbought conditions hint a possible reversal likely to test $190 support again.
Bitcoin Cash reacted in tandem with the with other major digital assets including Bitcoin, Ethereum and Ripple. The weekend session's action was mostly bullish with cryptos edging high above the key support areas established last week.
The staged recovery from the recent low at $170 was initially capped under $190. Bitcoin Cash pushed for consolidation between $185 support and $190. However, the bullish action on Sunday pulled the price closer to $200. A high formed at $198.28 is currently the immediate resistance. At the same time, Bitcoin Cash is trading at $195 amidst a developing bearish momentum.
The Relative Strength Index (RSI) is holding ground above 70. However, the relatively overbought conditions hint a possible reversal whereby BCH could break $195 support and test $190. A major trendline support will come in handy later in addition to more support areas at $185, $180 and $170.
BCH/USD 1-hour chart
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