Bitcoin Cash Technical Analysis: BCH/USD back to the drawing board, seeks support at $230
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Bitcoin Cash followed the general downtrend in the market on Wednesday and Thursday. Prior to this, bulls had purposed to pull BCH above $250. Unfortu

  • Bitcoin Cash recovery from $226 support hits a wall at $234, delaying the run-up to $240.
  • BCH/USD consolidation to take longer as the RSI and MACD stabilize following the drop on Thursday.
  • Bitcoin Cash recovery from $226 support hits a wall at $234, delaying the run-up to $240.
  • Bitcoin Cash recovery from $226 support hits a wall at $234, delaying the run-up to $240.
  • BCH/USD consolidation to take longer as the RSI and MACD stabilize following the drop on Thursday.
  • BCH/USD consolidation to take longer as the RSI and MACD stabilize following the drop on Thursday.

    Bitcoin Cash followed the general downtrend in the market on Wednesday and Thursday. Prior to this, bulls had purposed to pull BCH above $250. Unfortunately, the momentum hit a wall at $245. The reversal that followed dispersed the bulls, ousting all the buying pressure. This saw Bitcoin Cash slump back under $240 and $230 levels. A weekly low was also traded at $226, marking the end of the downtrend, at least for now.

    BCH/USD is exchanging hands at $231 while seeking support above $230. The prevailing trend is leaning to the south, especially with the RSI starting to resume the negative gradient. However, short term trading will also be characterized by sideways action as long as support at $230 stays put.

    Consequently, the MACD has stalled under the mean line (0.00). This shows that buying activity has reduced greatly. Perhaps most buyers are watching from the sidelines for Bitcoin Cash to confirm the uptrend before they jump in.

    Traders can watch out for the MACD’s cross into the positive region, likely to encourage buyers to join the market in anticipation of $240 and $250 before June comes to an end. Other hurdles expected on the upside include the 50 SMA in the 1-hour range ($234) and the 200 SMA ($235.48).

    BCH/USD 1-hour chart

    BCH/USD price chart

    BCH/USD price chartBCH/USD price chart

    More Bitcoin Cash levels

    BCH/USD

    Overview
    Today last price 231.7398
    Today Daily Change -0.5877
    Today Daily Change % -0.25
    Today daily open 232.3275
     
    Trends
    Daily SMA20 240.9552
    Daily SMA50 241.5639
    Daily SMA100 236.7488
    Daily SMA200 268.858
     
    Levels
    Previous Daily High 234.8587
    Previous Daily Low 226.1723
    Previous Weekly High 242.9648
    Previous Weekly Low 224.2956
    Previous Monthly High 277.2914
    Previous Monthly Low 217.6786
    Daily Fibonacci 38.2% 229.4905
    Daily Fibonacci 61.8% 231.5405
    Daily Pivot Point S1 227.3803
    Daily Pivot Point S2 222.4331
    Daily Pivot Point S3 218.6939
    Daily Pivot Point R1 236.0667
    Daily Pivot Point R2 239.8059
    Daily Pivot Point R3 244.753

     

    BCH/USD

    Overview
    Today last price 231.7398
    Today Daily Change -0.5877
    Today Daily Change % -0.25
    Today daily open 232.3275
     
    Trends
    Daily SMA20 240.9552
    Daily SMA50 241.5639
    Daily SMA100 236.7488
    Daily SMA200 268.858
     
    Levels
    Previous Daily High 234.8587
    Previous Daily Low 226.1723
    Previous Weekly High 242.9648
    Previous Weekly Low 224.2956
    Previous Monthly High 277.2914
    Previous Monthly Low 217.6786
    Daily Fibonacci 38.2% 229.4905
    Daily Fibonacci 61.8% 231.5405
    Daily Pivot Point S1 227.3803
    Daily Pivot Point S2 222.4331
    Daily Pivot Point S3 218.6939
    Daily Pivot Point R1 236.0667
    Daily Pivot Point R2 239.8059
    Daily Pivot Point R3 244.753

    BCH/USD

    Overview
    Today last price 231.7398
    Today Daily Change -0.5877
    Today Daily Change % -0.25
    Today daily open 232.3275
     
    Trends
    Daily SMA20 240.9552
    Daily SMA50 241.5639
    Daily SMA100 236.7488
    Daily SMA200 268.858
     
    Levels
    Previous Daily High 234.8587
    Previous Daily Low 226.1723
    Previous Weekly High 242.9648
    Previous Weekly Low 224.2956
    Previous Monthly High 277.2914
    Previous Monthly Low 217.6786
    Daily Fibonacci 38.2% 229.4905
    Daily Fibonacci 61.8% 231.5405
    Daily Pivot Point S1 227.3803
    Daily Pivot Point S2 222.4331
    Daily Pivot Point S3 218.6939
    Daily Pivot Point R1 236.0667
    Daily Pivot Point R2 239.8059
    Daily Pivot Point R3 244.753

    BCH/USD

    Overview
    Today last price 231.7398
    Today Daily Change -0.5877
    Today Daily Change % -0.25
    Today daily open 232.3275
     
    Trends
    Daily SMA20 240.9552
    Daily SMA50 241.5639
    Daily SMA100 236.7488
    Daily SMA200 268.858
     
    Overview
    Today last price 231.7398
    Today Daily Change -0.5877
    Today Daily Change % -0.25
    Today daily open 232.3275
    Overview Overview Overview Today last price 231.7398 Today Daily Change -0.5877 Today Daily Change % -0.25 Today daily open 232.3275 Today last price 231.7398 Today last price231.7398231.7398 Today Daily Change -0.5877 Today Daily Change-0.5877-0.5877 Today Daily Change % -0.25 Today Daily Change %-0.25-0.25 Today daily open 232.3275 Today daily open232.3275232.3275
     
    Trends
    Daily SMA20 240.9552
    Daily SMA50 241.5639
    Daily SMA100 236.7488
    Daily SMA200 268.858
    Trends Trends Trends Daily SMA20 240.9552 Daily SMA50 241.5639 Daily SMA100 236.7488 Daily SMA200 268.858 Daily SMA20 240.9552 Daily SMA20240.9552240.9552 Daily SMA50 241.5639 Daily SMA50241.5639241.5639 Daily SMA100 236.7488 Daily SMA100236.7488236.7488 Daily SMA200 268.858 Daily SMA200268.858268.858
     
    Levels
    Previous Daily High 234.8587
    Previous Daily Low 226.1723
    Previous Weekly High 242.9648
    Previous Weekly Low 224.2956
    Previous Monthly High 277.2914
    Previous Monthly Low 217.6786
    Daily Fibonacci 38.2% 229.4905
    Daily Fibonacci 61.8% 231.5405
    Daily Pivot Point S1 227.3803
    Daily Pivot Point S2 222.4331
    Daily Pivot Point S3 218.6939
    Daily Pivot Point R1 236.0667
    Daily Pivot Point R2 239.8059
    Daily Pivot Point R3 244.753
    Levels
    Previous Daily High 234.8587
    Previous Daily Low 226.1723
    Previous Weekly High 242.9648
    Previous Weekly Low 224.2956
    Previous Monthly High 277.2914
    Previous Monthly Low 217.6786
    Daily Fibonacci 38.2% 229.4905
    Daily Fibonacci 61.8% 231.5405
    Daily Pivot Point S1 227.3803
    Daily Pivot Point S2 222.4331
    Daily Pivot Point S3 218.6939
    Daily Pivot Point R1 236.0667
    Daily Pivot Point R2 239.8059
    Daily Pivot Point R3 244.753
    Levels Levels Levels Previous Daily High 234.8587 Previous Daily Low 226.1723 Previous Weekly High 242.9648 Previous Weekly Low 224.2956 Previous Monthly High 277.2914 Previous Monthly Low 217.6786 Daily Fibonacci 38.2% 229.4905 Daily Fibonacci 61.8% 231.5405 Daily Pivot Point S1 227.3803 Daily Pivot Point S2 222.4331 Daily Pivot Point S3 218.6939 Daily Pivot Point R1 236.0667 Daily Pivot Point R2 239.8059 Daily Pivot Point R3 244.753 Previous Daily High 234.8587 Previous Daily High234.8587234.8587 Previous Daily Low 226.1723 Previous Daily Low226.1723226.1723 Previous Weekly High 242.9648 Previous Weekly High242.9648242.9648 Previous Weekly Low 224.2956 Previous Weekly Low224.2956224.2956 Previous Monthly High 277.2914 Previous Monthly High277.2914277.2914 Previous Monthly Low 217.6786 Previous Monthly Low217.6786217.6786 Daily Fibonacci 38.2% 229.4905 Daily Fibonacci 38.2%229.4905229.4905 Daily Fibonacci 61.8% 231.5405 Daily Fibonacci 61.8%231.5405231.5405 Daily Pivot Point S1 227.3803 Daily Pivot Point S1227.3803227.3803 Daily Pivot Point S2 222.4331 Daily Pivot Point S2222.4331222.4331 Daily Pivot Point S3 218.6939 Daily Pivot Point S3218.6939218.6939 Daily Pivot Point R1 236.0667 Daily Pivot Point R1236.0667236.0667 Daily Pivot Point R2 239.8059 Daily Pivot Point R2239.8059239.8059 Daily Pivot Point R3 244.753 Daily Pivot Point R3244.753244.753

     

     

    From: FXSTREET