Bitcoin Cash price is trading above the $210 level after its recent drop below the $195 level. Is BCHUSD on the verge of a breakout?
Last week, the price of Bitcoin Cash (BCH) along with Binance Coin was trading in a bearish trend zone. However, after the immense selling pressure subsided, BCH recovered above the $190 and $200 levels.
Moreover, Bitcoin Cash price rose above $210, $215, $225 resistance levels and is currently correcting gains. At the time of press, the coin is changing hands at the $219 level.
On the upside, if more buyers emerge, the coin will rise towards the initial resistance of $225 and $240 levels. On the other hand, if there is a downside break, the crypto’ price will drop towards the $190 and $200 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of BCHUSD is in a bullish trend. After a decent upward move, the pair settled above the $200 level. Moreover, BCHUSD price broke the $210 resistance level and it is now trading near the $220 level. If it breaks the $225 resistance, there are chances of a strong rise in the short term.
If there is a downside correction, the $210 level may perhaps provide support. The main support is near $200, below which the price could resume its decline.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
