RATE Group | BCH/USD hangs in the balance at $230, where to next?
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BCH/USD hangs in the balance at $230, where to next?

23 Apr BCH/USD hangs in the balance at $230, where to next?

Posted at 05:04h in Bitcoin News by

  • Bitcoin Cash price stays above the 23.6% Fibo support at $220 as the bulls fight to clear the resistance at $230.
  • The gap between the 50-day SMA and the 100 SMA hints that bearish pressure is present and could lead to another dive.

Bitcoin price is flirting with the resistance at $230 after retreating 1.24% on the day. The entire cryptocurrency market is mostly in red. For instance, Bitcoin (BTC) surge above $7,000 lost steam under $7,200 while Ethereum (ETH) is struggling to stay above $180. Meanwhile, Bitcoin Cash is facing resistance at the 50-day SMA. Slightly below the market price, the 23.6% Fibonacci retracement level of the last swing high at $498.58 to a swing low of $134.12.

According to the MACD, BCH/USD is likely to enter into consolidation. However, the sellers could continue to have an upper hand especially with the gap between the 50 SMA and the 200 SMA in the daily range still widening. The RSI also doubles-down the on the sideways trading as…

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