Bitcoin price analysis: BCH/USD lock-step recovery sluggish under $240

Bitcoin Cash price upside is limited under the trendline resistance.
The primary support between $200 and $210 will come in handy in order to create fresh demand.

Bitcoin Cash is still suppressed under the short-term trendline resistance. The negative correction experienced last week saw BCH test the primary support level at $200. However, the shallow recovery to highs almost hitting $240 has served to disapprove calls that BCH/USD has a likely hood of breaking down to lows between $120 and $130.

Meanwhile, Bitcoin Cash is trading at $221 following an ongoing retreat due to the failure to breaking above the 100 simple moving average resistance on the hourly chart. Short-term support has been formed at $220 while the immediate upside is still limited by the descending trendline resistance.

The technical picture is generally bullish especially with the moving average convergence divergence (MACD) recovery from -23 levels to the current -1.036. The lethargic price movement is supported by the horizontal movement of the MACD. A bullish divergence means that the buyers have a slightly upper hand. The sideways trading between $220 and $230 is likely to continue according to the leveling trend seen with the relative strength index (RSI).

BCH/USD one-hour chart

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