The latest Bitcoin Cash news show that the cryptocurrency which was a fork of Bitcoin is facing a strong resistance near the $214 and $218 levels right now. The price of Bitcoin Cash is struggling to consolidate in a range above the $210 support area – all while there is a major bearish trend line which is forming with resistance near $214 on the hourly chart of the BCH/USD pair.
After a steady decline, we can see that the BCH price found support near the $210 level against the dollar and at time time, it traded as low as $209. This is where Bitcoin Cash (BCH) started an upside correction, broke the 3 level and the 23.
buy sildalis generic buy sildalis online no prescription
6% Fib retracement level of he last key decline from the $227 high to the $209 low.
Still, the price seems to be facing a strong resistance near the $216 and $218 levels now. While Bitcoin Cash is struggling, Bitcoin (BTC) is in a similar position. The Bitcoin news today show that the dominant cryptocurrency is trying to gain momentum above the $7,400 area and Ethereum (ETH) is finding it hard to continue higher above $152.
When we see the upsides, we can notice that BCH seems to be struggling near the $216 level and the 100 hourly simple average. Besides this, the 50% Fib retracement level of the last key decline from the $227 high to a $209 low is very much near the $218 level.
What is very important is that there is a major bearish trend line as Bitcoin Cash is struggling. With resistance near $214 on the hourly chart on the BCH/USD pair, we can see that an upside break above these levels is needed for a bullish continuation.
On the other hand the price of BCH could also fail to surpass $216 and $218, too. In such a case, the price is very likely to retest the $210 support area and any further losses may lead to the price towards the $200 support area.
When seeing the chart, we can notice that Bitcoin Cash is struggling but the price is consolidating below the main $214 and $218 resistance levels. In the short term, there could be ranging moves above the $210 support before the price either rallies towards $227 or revisits the lower $200 area.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]