Bitcoin Cash Market Update: BCH/USD hangs in the balance at $230, where to next?

Bitcoin Cash price stays above the 23.6% Fibo support at $220 as the bulls fight to clear the resistance at $230.
The gap between the 50-day SMA and the 100 SMA hints that bearish pressure is present and could lead to another dive.

Bitcoin price is flirting with the resistance at $230 after retreating 1.24% on the day. The entire cryptocurrency market is mostly in red. For instance, Bitcoin (BTC) surge above $7,000 lost steam under $7,200 while Ethereum (ETH) is struggling to stay above $180. Meanwhile, Bitcoin Cash is facing resistance at the 50-day SMA. Slightly below the market price, the 23.6% Fibonacci retracement level of the last swing high at $498.58 to a swing low of $134.12.

According to the MACD, BCH/USD is likely to enter into consolidation. However, the sellers could continue to have an upper hand especially with the gap between the 50 SMA and the 200 SMA in the daily range still widening. The RSI also doubles-down the on the sideways trading as it levels at 50 (average).

If the support at the 23.6% Fibo gives in to the selling pressure, Bitcoin Cash bulls will have to seek balance at $210 and $200 respectively. In March, BCH plunged to $134.12 due to the Coronavirus triggered a selloff. As the pandemic continues such a devastating move is not out of the picture.

BCH/USD daily chart

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