BCH/USD technical analysis: Bitcoin Cash has come back to test the consolidation area

Bitcoin Cash is trading 0.40% higher today even as BTC/USD struggles.
The price broke a key trendline yesterday on the hourly chart and has now come back to test it.

Rajan Dhall, MSTA FX Daily

The BCH/USD price has come back to the hourly pivot zone of around 223.50 as traders struggle to identify any real direction.

There was a bearish trendline break yesterday on the hourly chart but price has come back to retest the diagonal line for the second time.

The blue rectangle in the middle of the chart represents the value area formed as most volume has been traded at this price area.

If the price breaks 226.00 to the upside it could indicate that the short term trend has broken higher again.

The relative strength index (RSI) indicator has moved back over the 50 mid-line again but it has been in limbo for quite some time now as volatility seems to have dropped.

Look out for the retest of the trendline once again and then we could have a better idea of where price may be heading.

BCH/USD

Overview
Today last price	223.4977
Today Daily Change	0.9078
Today Daily Change %	0.41
Today daily open	222.5899

Trends
Daily SMA20	267.9223
Daily SMA50	288.0459
Daily SMA100	318.7184
Daily SMA200	321.1382

Levels
Previous Daily High	225.9256
Previous Daily Low	216.1419
Previous Weekly High	311.7574
Previous Weekly Low	202.6094
Previous Monthly High	333.7339
Previous Monthly Low	202.6094
Daily Fibonacci 38.2%	219.8793
Daily Fibonacci 61.8%	222.1882
Daily Pivot Point S1	217.1793
Daily Pivot Point S2	211.7688
Daily Pivot Point S3	207.3957
Daily Pivot Point R1	226.963
Daily Pivot Point R2	231.3361
Daily Pivot Point R3	236.7467

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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