- Bitcoin cash price is up around 10% from the $200 support area against the US Dollar.
- The price is currently consolidating gains and it seems to be setting up for more gains above $225.
- There is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to surge towards $250 once it clears the $225 resistance area.
Bitcoin cash price is showing positive signs above the $215 level against the US Dollar. BCH/USD remains well supported and it could continue to rise above $225.
Bitcoin Cash Price Analysis
After forming a base above the $190 level, bitcoin cash price bounced back above the $200 level against the US Dollar. BCH price even climbed above $210 and the 55 simple moving average (4-hours), but it struggled to surpass the $215 resistance. Later, there was a downside correction, but the $200 support prevented a bearish break. As a result, there was a fresh increase above the $210 resistance and the 55 simple moving average (4-hours).Moreover, there was a break above a major bearish trend line with resistance near $212 on the same chart. Bitcoin cash price rallied above the $215 and $220 resistance levels, similar to bitcoin, Ethereum and ripple.
It tagged the $225 resistance area and is currently correcting gains. There was a break below the 23.6% Fib retracement level of the recent rally from the $203 low to $225 high. It seems like there is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH/USD pair. If there is an upside break above the channel resistance, the price could surge above the $225 level.