Bitcoin Cash Price Analysis: The daily chart is showing a tough consolidation pattern

Bitcoin Cash is trading 1.66% lower as crypto sentiment remains weak.
The move lower is not too convincing and a break of the 220.00 would confirm the break.

BCH/USD daily chart

Bitcoin Cash has been trading in line with the other crypto majors on Thursday and moved around 1.66% lower. The price chart has shown the market is in a full consolidation zone between 280.00 and 200.00. There are some bearish signs but it could move either way at the moment and a break could tell us lots about the future path of the pair.

Within the consolidation zone, the market had been making higher lows and lower highs. This, of course, brings us a triangle pattern. Once again a break would help us lookout for the initial targets of the consolidation floor and ceiling levels but then a wider break past the two aforementioned levels is important.

Looking at the indicators, they are both on the bearish side. The Relative Strength Index is under the mid-point and tilting lower. The MACD histogram is red and the signal lines are also breaking the mid-point. At the moment it is looking more bearish than bullish just wait for the break to confirm.

Additional levels

BCH/USD

Overview
Today last price	236.6414
Today Daily Change	-3.4986
Today Daily Change %	-1.46
Today daily open	240.14

Trends
Daily SMA20	246.9671
Daily SMA50	244.2131
Daily SMA100	234.5389
Daily SMA200	267.9751

Levels
Previous Daily High	242.9648
Previous Daily Low	235.2059
Previous Weekly High	258.9512
Previous Weekly Low	230.7717
Previous Monthly High	277.2914
Previous Monthly Low	217.6786
Daily Fibonacci 38.2%	240.0009
Daily Fibonacci 61.8%	238.1698
Daily Pivot Point S1	235.909
Daily Pivot Point S2	231.678
Daily Pivot Point S3	228.1501
Daily Pivot Point R1	243.6679
Daily Pivot Point R2	247.1958
Daily Pivot Point R3	251.4269

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