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Bitcoin Cash Facing Uphill Task, BTC & ETH Consolidating

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Bitcoin Cash Facing Uphill Task, BTC & ETH Consolidating

Bitcoin cash price is facing a strong resistance near the $216 and $218 levels against the US Dollar.The price is currently consolidating in a range above the $210 support area.There is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair must surpass the $216 resistance area to start a nice upward move.Bitcoin cash price is facing many resistances near $216 against the US Dollar. BCH/USD could tumble below $210 if it continues to struggle near $216.Bitcoin Cash Price AnalysisAfter a steady decline, bitcoin cash price found support near the $210 level against the US Dollar. BCH price traded as low as $209 and recently started an upside correction.It broke the $213 level, and the 23.6% Fib retracement level of the last key decline from the $227 high to $209 low. However, the price seems to be facing a strong resistance near the $216 and $218 levels.Similarly, Bitcoin Cash PriceLooking at the chart, bitcoin cash price seems to be consolidating below the main $216 and $218 resistance levels. In the short term, there could be ranging moves above the $210 support before the price either rallies towards $227 or revisit the $200 support area.Technical indicatorsHourly MACD – The MACD for BCH/USD is currently losing momentum and moving into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level, with a minor bullish angle.Key Support Levels – $210 and $200.Key Resistance Levels – $216 and $218.

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Author: Aayush Jindal

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