Bitcoin Cash (BCH) Is Trading Near Crucial Resistance Level, Bulls Priming Up?

  • BCH prices started rising gradually showing few positive signs, yet facing the key hurdle near the resistance level of $195.
  • However, the BCH/BTC pair is still performing negatively, showing the loss of -1.30% bringing the levels to 0.03389264.
  • There is a short-term break out of the pattern in the prices of BCH but key resistance of $190 is preventing prices to make a sharp positive divergence.

Prices Prone For Another Dive?

After starting with the strong support of $150, prices made a decent rise but now, the resistance level of $195 is becoming a key hurdle.

Currently, the bitcoin cash prices are accompanied by a strong support level of $170, which is priming the prices up, and again they are testing the resistance level of $195.

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If prices manage to break through this key resistance level of $195, there will be a heavy bullish momentum for the crypto asset.

BCH1

Prices are currently facing volatility at the level of $185 and there might be chances that it will start climbing up, as there is bullish momentum in the MACD level.

If BCH maintains it’s current support level, they can become stronger to conquer the current resistance level.

The chart also indicates that whenever prices started defying the resistance level and started climbing, they became prong to gradual downfall. This is a negative sign for crypto traders.

The MACD levels are showing bearish momentum in the buying volume of cryptocurrency, which is a good sign as it will help prices to acquire a strong and steady rise.

The 24hr-RSI is currently rising and it is above the level of 50, which means it is in the bullish zone.

Resistance Level: $ 190
Support Level: $175 and $170

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Ayush Malviya
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.

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