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.

John Isige FXStreet

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

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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