Manoj B Rawal
Independent Analyst
- BCH outperformer of the day, reaches resistance mark.
- Chances of a reversal from this level.
Bitcoin Cash, the split cousin of the largest cryptocurrency - Bitcoin, is the outperformer on the day when all the other major coins are barely holding up. But whether it can rally more from here is a big question mark as the coin has reached a key resistance mark on the charts.
BCH/USD is up more than seven percent on day at $167.49, at high point of the day. BCH has rallied more than 60 percent after making a bottom of $104 at the start of January this year. On the 480-minute chart of this ambitious crypto it has now reached a resistance point where it may face stiff resistance and take a U-turn.
But if for some reasons, bulls gather enough strength and cross past this resistance point of $165-170, then the next key level to watch out for is $200.
BCH/USD 480-minute chart:
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