Bitcoin Cash Market Update: BCH/USD facing dire resistance at $220

  • Bitcoin Cash nurtures the uptrend within an ascending channel.
  • Technical indicators such as the RSI and the moving averages suggest that recovery will continue in the near term.

Bitcoin Cash feeble bullish advances keep falling short of $220 crucial hurdle. The recent significant recovery from lows around $191 came close to $230 but the bears trimmed the accrued gains, testing the support at $210.

For now, BCH is doddering at $214 and immediately supported by the 50 SMA on the 4-hour chart. The immediate resistance is $215 but $220 remains to be the toughest hurdle in the near term.

The RSI in the same 4-hour range, suggests that recovery will be gradual but steady. If the indicator continues above 50 and towards 70, BCH could easily take back $220 and focus on $230 and $240 respectively.

On the other hand, the narrowing gap between the 50 SMA and the 100 SMA shows that the technical picture is improving. However, with the MACD having a slightly bearish cross, the presence of the sellers cannot be ignored. Therefore, Bitcoin bulls must ensure that the price stays above $210 and focused on breaking $220.

BCH/USD 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast