Bitcoin Cash Price Analysis: BCH stalls ahead of key trendline

Bitcoin Cash trades nearly 6% higher on Wednesday as crypto sentiment turns positive.
The price has found some selling pressure ahead of a key downtrend line.

Rajan Dhall, MSTA FX Daily

BCH/USD 4-hour chart

Bitcoin Cash has been moving higher on Wednesday and trades around 6% higher on the session. The price has now halted as you can see on the chart below just ahead of the black downward sloping trendline. The blue resistance line also held firm and it has been used around 4-5 times on the chart.

Looking closer at the indicators now, there has been a bearish cross of the 55 exponential and 200 simple moving averages. Also, the relative strength index indicator has moved into positive territory but has lots of room left to move to the upside. Lastly, if the price does move lower then the orange support level close to 225.00 could be a place where the bulls step in again.

Additional levels

BCH/USD

Overview
Today last price	232.3953
Today Daily Change	12.6337
Today Daily Change %	5.75
Today daily open	219.7616

Trends
Daily SMA20	235.9353
Daily SMA50	234.9247
Daily SMA100	306.3861
Daily SMA200	268.9696

Levels
Previous Daily High	223.7855
Previous Daily Low	215.7607
Previous Weekly High	245.5439
Previous Weekly Low	206.3545
Previous Monthly High	353.0056
Previous Monthly Low	135.8533
Daily Fibonacci 38.2%	220.72
Daily Fibonacci 61.8%	218.8262
Daily Pivot Point S1	215.7531
Daily Pivot Point S2	211.7445
Daily Pivot Point S3	207.7282
Daily Pivot Point R1	223.7779
Daily Pivot Point R2	227.7941
Daily Pivot Point R3	231.8027

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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Bitcoin Cash Price Analysis: BCH stalls ahead of key trendline