Bitcoin Cash Price Analysis: BCH/USD sprouts in the green, defies broad-based selling pressure
- Bitcoin Cash bulls are tired of watching from the sidelines but focus on breaking the resistance at $200.
- Technical indicators begin to align for a possible bullish reversal above the seller congestion at $200.
Bitcoin Cash is the only cryptocurrency asset in the green among the major digital assets on Monday. The just-concluded weekend session was mostly bearish but bulls were this time around, alert and committed to defending key support areas. All the top three cryptocurrency assets; Bitcoin, Ethereum and Ripple are in the red towards the end of the Asian session and are posting subtle losses between 0.1% and 1%.
In the meantime, Bitcoin Cash is trading at $181 after a minor upward adjustment from $174 (intraday low). On the upside, an intraday high has been achieved at $184.21. The buyers are working hard to contain the losses above $180. Besides, $200 is their rendezvous amid the fight to rise above the selling pressure across the crypto market.
BCH/USD daily chart emphasizes on the growing bullish grip. Indicators such as the RSI and the MACD currently send positive signals. Buyers are gradually regaining confidence that recovery is possible without too much volatility. The RSI is holding the ground at 30 after recovering from levels around 18. If movement towards $200 becomes difficult to hold, BCH/USD could settle for sideways action above $180 in the next sessions.
BCH/USD daily chart
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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
