Bitcoin Cash Price Analysis: BCH finally breaks above $231 resistance level

BCH has been previously trending in a $10-range between $221.20 to $231.
BCH must now get over strong resistance between $236.58 and $243.20

Rajarshi Mitra Independent Analyst

After trending in a narrow $10-range between $221.20 to $231, the bulls were finally able to push above the $231 resistance line. Currently, the buyers aim to take BCH/USD to $243.85 to break above the SMA 20 curve. The recent bullish price action has jumped the RSI from the edge of the oversold zone to 50. What this means is that there is more space for buyers to push the price up.

BCH/USD daily

BCH/USD IOMAP

However, to enjoy any more bullish movement, BCH has to somehow get over strong resistance between $236.58 and $243.20. If they do manage to do that, then the price should be able to go up to $273, where it encounters the next strong resistance level.

On the flip side, if the price does fail to encounter the initial resistance, there is a moderate-to-strong support zone between $226.65 to $233.27.

Key levels

BCH/USD

Overview
Today last price	238.6948
Today Daily Change	12.7416
Today Daily Change %	5.64
Today daily open	225.9532

Trends
Daily SMA20	244.8972
Daily SMA50	274.7613
Daily SMA100	254.6179
Daily SMA200	248.8554

Levels
Previous Daily High	228.8056
Previous Daily Low	219.0434
Previous Weekly High	233.272
Previous Weekly Low	215.8975
Previous Monthly High	338.2532
Previous Monthly Low	244.1306
Daily Fibonacci 38.2%	225.0765
Daily Fibonacci 61.8%	222.7726
Daily Pivot Point S1	220.3959
Daily Pivot Point S2	214.8385
Daily Pivot Point S3	210.6337
Daily Pivot Point R1	230.1581
Daily Pivot Point R2	234.3629
Daily Pivot Point R3	239.9202

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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Bitcoin Cash Price Analysis: BCH finally breaks above $231 resistance level