Price Analysis

Bitcoin Cash (BCH) Remains Above $210 After Declining by More Than 5%

  • BCH seems to have a support level at $210; gearing up for a rebound
  • Binance coin has breached major support levels over the last two days
  • A strong bearish trendline has taken place; current consolidation shows a bit of ambiguity
  • Technical indicators give mixed signals while Bollinger bands head for volatility

Bitcoin Cash has been ranging between $210 to $217 since yesterday, and currently, the coin is aiming to trade above $215. Over the last two days, the coin has gone through a substantial price fall.

BCH coin was firmly above $224 when it opened on the last day of November, and it slipped below $221 before noon. Continuing the decline, the coin closed as low as $216.93. Yesterday, after seeing a support level at $210, the Bitcoin Cash had shown a price escalation above $217. After correcting down from there, the BCH coin has managed another surge above $214.

Bitcoin Cash has maintained a downward trend for the better part of today. Currently, the coin is correcting down from the high spike near $214. At 11:38:51 UTC, BCH is trading at $211.63.

Bitcoin Cash Price Chart
BCH Price Chart By TradingView

The SMA lines showing quite a bearish picture for the coin as the long term SMA line is above the short term SMA line. RSI is near 43 showing no extremities while the MACD chart is heading towards a bearish crossover. However, Bollinger bands suggest upcoming volatility which can turn the table.

BCH is likely to see support levels at $212.69, $209.22, and $205.93 if it continues to move towards lows, while its resistance levels stand at $219.45, $222.74 and $226.21.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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