Bitcoin Cash Price Analysis: BCH/USD consolidates gains at $250 even as Bitcoin plummets to $9,500
|- Bitcoin Cash outperforms Bitcoin by holding above a higher support area around $250.
- BCH/USD is ready for a consolidative price movement at $250 based on the sideways trending RSI and MACD.
Bitcoin Cash is in the red just like the other major cryptocurrencies in the market. Buyers are working around the clock to ensure that the progress made on Monday is not lost. BCH/USD is down a subtle 0.62% on the day and exchanging hands at $249. From $250 (opening value) an intraday high has been formed at $251.96.
As for Bitcoin, the situation is a little different because bulls are fighting to keep the price above $9,500. Note that Bitcoin had a flash rally on Monday to highs around $10,410. However, at the time of writing, the largest cryptocurrency is doddering at $9,479 after pulling the entire market down with it.
Bitcoin Cash technical analysis
Bitcoin Cash is trading between the support and resistance of the moving averages. The 50-day SMA is providing support marginally below the prevailing market value while the 200-day SMA is limiting the bulls’ efforts on the upside. The RSI shows that sideways price action is leading to consolidation after BCH failed to break the resistance at $260.
The horizontally leveling RSI also puts emphasis on the sideways action. Other areas of interest include the 38.2% Fibonacci retracement which could block movement towards $300 as well as the 23.6% Fibo, ready to function as a key support zone. An ascending trendline is also vital for the buyers in addition to levels at $220 and $200.
BCH/USD daily chart
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