RATE Group | BCH/USD back to the $190 buy zone, is $220 the next rendezvous?
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BCH/USD back to the $190 buy zone, is $220 the next rendezvous?

17 Dec BCH/USD back to the $190 buy zone, is $220 the next rendezvous?

Posted at 08:30h in Bitcoin News by

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  • Bitcoin Cash reignited downtrend destroys $195 support.
  • The buy zone at $190 is expected to be Bitcoin Cash’s stepping stone towards $220.

Bitcoin Cash bulls threw in the towel on Monday, leaving the $200 level in violation by the bears. The downtrend momentum explored the lows under towards $190 as pressure intensified. Tentative support at $195 failed to offer support.

In spite of the overwhelming selling pressure, the crypto asset tried and succeeded in cutting short the losses. An intraday low formed at $194.26, allowing for a shallow recovery currently struggling to stay afloat above $195.

The price is under the moving averages whereby the 50 SMA is holding ground at $207 while the longer-term 100 SMA at $210. The RSI is holding the position under 30 and moving horizontally within the oversold. If the ranging movement is unchanged, BCH/USD will likely consolidate between o$190 and $195. The MACD features a bearish cross, in turn, signaling the strong…

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