- Bitcoin Cash price rally held back by the hurdle at $219 and the triangle breakout.
- Bitcoin Cash is largely in the hands of the bulls despite the rejection at $220; MACD holds in the positive region.
Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214. Bitcoin Cash has tried to overthrow the seller congestion at $220 but hit a wall at $219.74. An intraday low at $214 marked the end of the rabbit hole exploration, at least for now.
The 4-hour chart shows the price also dancing above the moving averages. The 50 SMA is in a position to offer support at $215 while the 100 SMA is holding the ground at $208.36. According to the RSI, the current trend has a bearish bias. The RSI is almost crossing below the average; a move that keeps encouraging more sellers to join the market. On the brighter side, the MACD is still in the positive territory. A bullish divergence from the MACD gives the bulls hope that a rally above $220 is possible.
Consequently, the formation of a short term falling wedge pattern hints that Bitcoin Cash breakout above $250 is in the offing. For now, the bulls need to focus on breaking the resistance at $220; with this a triangle breakout is guaranteed and couple with high trading activity, the rally past $250 would be a matter of when and not if.
BCH/USD 4-hour chart
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Bitcoin Cash confluence support and resistance levels
Resistance one: $219.91 – Highlighted by the SMA five 4-hour, SMA ten 4-hour and the previous high 4-hour.
Resistance two: $230 – Highlighted by the pivot point resistance one.
Support one: $215.21 – Home to the previous low 4-hour and SMA five one-day.
Support two: $207 – Hosts the pivot point daily support three and the SMA 100 4-hour.
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