Bitcoin cash price moved back in a bearish zone below $200 against the US Dollar. BCHUSD could decline towards $160 as long as it is below $210 zone.
November 28, 2018 AtoZ Markets – Bitcoin Cash price is trading in a bullish note as all the other major cryptocurrencies in the market. At the time of press, Bitcoin Cash is trading at $204 level in the 24-hours volume of $279.93k. Bitcoin Cash has a market cap of $3.2 Billion, according to coinmarketcap.com statistics.
Bitcoin Cash Technical Analysis
Looking at the weekly charts, after a decent recovery above the $200 level, Bitcoin cash price struggled to hold gains against the USD. The BCHUSD pair started a fresh decline and traded below the $200 and $190 daily support levels. There was even a close below the $180 level and the 100 hourly SMA. The price of the coin even broke the 61.8% Fibonacci retracement level of the last recovery from the $145 lows to $206 highs.
Furthermore, there was a break below an ascending channel with support at $170 level on the hourly chart of the BCHUSD pair. The pair even tested the $160 support zone and formed a low at $173. Later, there was a minor upside correction above the support level. The price of the coin also moved above the 23.6% Fibonacci retracement level of the recent decline from the $206 high to $173 low. However, there are many resistances on the upside near the $210 and $220 levels. Additionally, the 100 hourly SMA is also positioned near the $200 level.
In conclusion, Bitcoin Cash price is currently trading above the $200 resistance levels. As long as there is no break above $210 and $220 resistance levels, the price of the coin might slide back towards $170 or $180 levels in the near term.
- RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
- William%R – "Oversold" signal on the daily time-frame.
- MACD(12,26) – "Sell" signal in daily charts.
- ATR(14) – signals that Bitcoin Cash is highly volatile.
Bitcoin Cash Pivot Points
Bitcoin Cash has a significant support near $170 and resistance near $200 levels.
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