Bitcoin Cash Price Analysis: BCH/USD trends in a downward channel formation as price drops below $230

BCH/USD is trending in a downward channel formation and has dropped below red Ichimoku cloud.
The MACD hints at an upcoming reversal of bullish momentum.

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD bears remained in charge for the third straight day as the price fell from $230.12 to $228. The price is trending in a downward channel formation and has fallen below the red Ichimoku cloud. The MACD line is looking to cross over the signal line. This hints at an upcoming reversal of bullish momentum.

Support and levels

BCH/USD has strong resistance at $230 (SMA 20), $237.45 and $243.60. On the downside, healthy support lies at $222.72 and $216.55.

Key levels

BCH/USD

Overview
Today last price	228.0933
Today Daily Change	-2.0072
Today Daily Change %	-0.87
Today daily open	230.1005

Trends
Daily SMA20	229.8518
Daily SMA50	237.6683
Daily SMA100	239.0669
Daily SMA200	272.0165

Levels
Previous Daily High	231.9882
Previous Daily Low	226.4975
Previous Weekly High	246.0454
Previous Weekly Low	215.8202
Previous Monthly High	269.2895
Previous Monthly Low	204.6275
Daily Fibonacci 38.2%	228.5949
Daily Fibonacci 61.8%	229.8908
Daily Pivot Point S1	227.0693
Daily Pivot Point S2	224.0381
Daily Pivot Point S3	221.5786
Daily Pivot Point R1	232.56
Daily Pivot Point R2	235.0194
Daily Pivot Point R3	238.0507

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/USD trends in a downward channel formation as price drops below $230