Bitcoin Cash Price Analysis: BCH/USD back to the $190 buy zone, is $220 the next rendezvous?
|- Bitcoin Cash reignited downtrend destroys $195 support.
- The buy zone at $190 is expected to be Bitcoin Cash’s stepping stone towards $220.
Bitcoin Cash bulls threw in the towel on Monday, leaving the $200 level in violation by the bears. The downtrend momentum explored the lows under towards $190 as pressure intensified. Tentative support at $195 failed to offer support.
In spite of the overwhelming selling pressure, the crypto asset tried and succeeded in cutting short the losses. An intraday low formed at $194.26, allowing for a shallow recovery currently struggling to stay afloat above $195.
The price is under the moving averages whereby the 50 SMA is holding ground at $207 while the longer-term 100 SMA at $210. The RSI is holding the position under 30 and moving horizontally within the oversold. If the ranging movement is unchanged, BCH/USD will likely consolidate between o$190 and $195. The MACD features a bearish cross, in turn, signaling the strong bearish grip.
For now, defending $190 support is good enough for the bulls. However, to escape the potential drop towards $180, the buyers must increase their entry and stir up growth past $200 while shifting focus to $220.
BCH/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.