Bitcoin Cash Price Update: BCH/USD further breakdown eyeing $180 lingers
- Bitcoin Cash reclaims ground above $215 following a shallow recovery from levels under $210.
- The danger of smashing through support at $210 and $190 is still lingering with the formation of a flag pattern.
Bitcoin Cash corrected lower over the weekend, where it made a return slightly below $210. The recovery from lows close to $190 took advantage of the high congestion of buyers in the area, majestically pulling Bitcoin above $220 and close to $230. However, the generally bearish market across the weekend trimmed the majority of the gains.
Towards the close of the Asian session on Monday, Bitcoin Cash has already made a minor recovery above $215. Providing immediate support is the 50 SMA on the 4-hour chart. The longer term 100 SMA is in line to hinder growth at $228.83.
Bitcoin Cash is likely to continue with the recent downtrend courtesy of the intact bearish flag pattern. To avert the dire effects likely to come with the pattern breakdown, Bitcoin Cash bulls must reclaim the ground above $220 and push towards $240. Meanwhile, the existing trend is slightly bullish especially with the RSI eying the average (50).
BCH/USD 4-hour 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
