Key Takeaways:
- Bitcoin Cash’s price is consolidating above the $180 support zone.
- BCH/USD attempts to surpass a major bearish trend line with resistance near $205 on the daily chart.
- The price could start a fresh rally if it clears $210 and the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — Bitcoin Cash price is holding the key $180 support. BCH/USD could soon attempt a fresh rally if a close above $210 exists.
Bitcoin Cash Price Eyes Upside Break
After a strong decline, Bitcoin Cash’s price found support near the $162 zone. The BCH/USD pair traded as low as $162.93 and recently started a recovery wave.
The price was able to reclaim the key pivot zone at $180. It somehow outperformed Bitcoin, Ethereum, and other cryptocurrencies. There was a decent increase above the 23.6% Fib retracement level of the downward move from the $328 swing high to the $162 low.
However, the bears remain active near the 50-day simple moving average (blue). The Bitcoin Cash price seems to be struggling to settle above the $210 resistance and the 50-day simple moving average (blue).
BCH attempts to surpass a major bearish trend line with resistance near $205 on the daily chart. Therefore, a close above the $210 resistance could increase the price. The first key resistance above $210 is near the $245 level or the 50% Fib retracement level of the downward move from the $328 swing high to the $162 low.
The next key resistance is near $265, above which the price could rise toward $288. Any more gains might push the price toward the $320 resistance zone.
Another Rejection?
Conversely, Bitcoin Cash could fail to clear the trend line, the 50-day simple moving average (blue) and $210. If there is a fresh bearish reaction, the price might find bids near the $192 level. If BCH’s price declines below the $192 support, it could revisit the $180 support.
Any more losses may open the doors for a move toward the $162 low in the coming days.
Bitcoin Cash’s price is eyeing a major upside break above $210. If BCH surpasses the $210 resistance, it could easily drift toward $245 or even $265 in the coming days. Conversely, the price might be lower and revisit the $180 support soon.
