Bitcoin Cash Price Analysis: BCH struggles to move higher as 225 looks to be a struggle
- Bitcoin Cash trades nearly 1% higher but cannot take out 225.00.
- 215.00 looks like a key level on the downside and a break could indicate further losses.
BCH/USD price analysis
Bitcoin Cash trades higher today but there are signs that the momentum is faltering. The 4-hour chart below shows BCH/USD is in a downtrend and 200.00 is the big level for the bears. If 215.00 breaks then the market could go on the test that low.
The price has moved lower after the price hit a resistance point at the 50% Fib level and the red resistance point. Since there the price has never looked back and the downtrend accelerated. The price is also under the 55 and 200 moving averages which is also a bearish indication. Lastly, the RSI is also in a depressed area and under the 50 mid-line but there is more room to the downside as the oversold area has not been hit.
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Additional levels
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.
