The Bitcoin Cash price has the key support at USD 180 against the US Dollar. BCH seems to be aiming for another surge towards the USD 205 and USD 220 levels.
- Bitcoin Cash price is showing positive signs above the $180 level against the US dollar.
- The price is trading below $200 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance around $189 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher as it clears $197 and $200.
Bitcoin Cash price aims higher
In recent days, the price of Bitcoin Cash has steadily fallen below $205. BCH traded even below the $195 level, but the downsides were limited compared to Bitcoin and Ethereum.
The price remained well bid near the key support at USD 180. A low has formed near USD 180 and the price is now trying to make a new move higher. It broke the USD 185 level. There was a break above a major bearish trendline with resistance around $189 on the 4-hour chart of the BCH/USD pair.
The price is now testing the 23.6% Fib retracement level of the downward move from the $238 swing high to the $180 low. However, Bitcoin Cash is now trading below $200 and the 100 simple moving average (4 hours).
Immediate resistance is near the $197 level and the 100 simple moving average (4 hours). The next major resistance is near $205 or the 50% Fib retracement level of the downward move from the $238 swing high to the $180 low.
Source: BCH/USD on TradingView.com
Any further gains could push the price towards the USD 220 and USD 225 resistance levels in the near term. The next major hurdle is near the $240 level.
Dips supported in BCH?
If the Bitcoin Cash price fails to clear the USD 205 resistance, it could trigger another decline. The initial downside support is near the $185 level.
The next major support is around the $180 level, where the bulls are likely to emerge. If the price fails to hold above the USD 180 support, the price could test the USD 168 support. Any further losses could push the price towards the $150 zone in the short term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key support levels – USD 185 and USD 180.
Key resistance levels – $197 and $205.