Bitcoin Cash Price Analysis: BCH is currently lacking the momentum to hit 250.00
- Bitcoin Cash is still positive but looks like it lacks enough momentum to hit 250.00.
- The main support level is at 200.00 and the price is above a key moving average.
BCH/USD 1-hour chart
Bitcoin Cash is trading over 8% higher on Monday as sentiment continues to improve. The main resistance level is marked in red and stands just under 250.00. This is a key level for the bulls as it has been used many times over the last 6 months or so. The black internal trendline on the chart is also proving tricky as there is a large candle shadow (wick) which shows that it is causing some issues at the moment too.
Looking at the other technical indicators, the price is firmly above both the 200 and 55 moving averages which is bullish. The RSI is also in a positive zone above 50. The only thing that can improve is the volume on the moves up, as it seems like a very lacklustre market at the moment.
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Additional level
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
