Bitcoin Cash Price Analysis: BCH/USD bulls need to break $250 to restore buyer faith

Bitcoin Cash price is trading in the red, with losses of 4.15% in the second half of the session.
BCH/USD is consolidating after a decent push to the upside last week.
There is room for the price to recover the fall seen in March, but $250 must be broken.

Ken Chigbo Independent Analyst

BCH/USD weekly chart

Over the last going on six weeks, the price has offered little in terms of direction, narrowing within a range of $200 to the downside and $250 to the upside.

BCH/USD daily chart

Daily resistance should be noted at $250, a break and closure above here, could be very inviting to greater upside momentum. Additionally, note that price action via the daily has broken and now retesting a bullish flag structure.

Spot rate: 236.67

Relative change: -4.15%

High: 248.08

Low: 234.34

BCH/USD

Overview
Today last price	236.9399
Today Daily Change	-9.7074
Today Daily Change %	-3.94
Today daily open	246.6473

Trends
Daily SMA20	236.8298
Daily SMA50	227.2739
Daily SMA100	303.1264
Daily SMA200	269.257

Levels
Previous Daily High	249.3876
Previous Daily Low	237.7207
Previous Weekly High	247.2922
Previous Weekly Low	215.7607
Previous Monthly High	353.0056
Previous Monthly Low	135.8533
Daily Fibonacci 38.2%	244.9308
Daily Fibonacci 61.8%	242.1774
Daily Pivot Point S1	239.7828
Daily Pivot Point S2	232.9183
Daily Pivot Point S3	228.116
Daily Pivot Point R1	251.4497
Daily Pivot Point R2	256.252
Daily Pivot Point R3	263.1165

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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Bitcoin Cash Price Analysis: BCH/USD bulls need to break $250 to restore buyer faith