Bitcoin Cash price prediction: 61.8% Fib is the level to beat for the bulls


  • The world’s 5th most favorite cryptocurrency is down 20+% on the week.
  • Range play intact, as bears await fresh impetus for the next leg lower.

The recovery from seven-month lows of 195.13 lost legs on Saturday near 218.50, as Bitcoin Cash (BCH/USD), currently trades around the 210 level, in absence of the weekend love this Sunday. The coin trades around a flat line, having hit a daily high of 216.70 and a daily low of 207.88. With the latest decline, the price trades 2+% lower on a daily basis while rising 3% over the last 24 hours. The market capitalization for BCH stands at $ 3.85 billion.

BCH/USD 1-hour chart

As observed on the hourly sticks, the price failed once again to take out the 61.8% Fibonacci Retracement level of Friday’s decline, placed near the 216.10 region on Sunday. Since then, the sellers are in charge, having driven the coin back below the 50% Fib level at 212.10. The No. 5 coin continues to trade in a tight range over the last hours, stuck between the now 50% Fib resistance and 38.2% Fib support around 208.00. The upward-sloping 21-hourly Simple Moving Average (HMA) near 212 region continues to restrict the price-action while the hourly Relative Strength Index (RSI) trades flatlined right at the 50 level. This suggests neutral bias in the near-term. However, with heavy-looking crypto markets, the bearish pressure on the coin will remain intact going forward.

Any recovery is likely to be limited by the 61.8% Fib level. However, if the bulls are successful to regain the last, they are likely to extend the break higher towards the downward sloping 100-HMA, located at 222.55.

BCH/USD Levels to watch

BCH/USD

Overview
Today last price 211.8696
Today Daily Change -3.4901
Today Daily Change % -1.62
Today daily open 215.3597
 
Trends
Daily SMA20 267.2809
Daily SMA50 251.3347
Daily SMA100 269.6903
Daily SMA200 322.4267
 
Levels
Previous Daily High 218.395
Previous Daily Low 203.3805
Previous Weekly High 270.2154
Previous Weekly Low 195.1279
Previous Monthly High 306.85
Previous Monthly Low 197.9382
Daily Fibonacci 38.2% 212.6595
Daily Fibonacci 61.8% 209.116
Daily Pivot Point S1 206.3618
Daily Pivot Point S2 197.3638
Daily Pivot Point S3 191.3472
Daily Pivot Point R1 221.3763
Daily Pivot Point R2 227.3929
Daily Pivot Point R3 236.3909

 

 

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