Bitcoin Cash Price Analysis: BCH/USD drops after encountering resistance at the SMA 20 curve

• The bears are looking to negate the gains made by the bulls this Tuesday, where the price went up from $222.05 to $228.65.
• The Elliott Oscillator has had nine consecutive green sessions.

Key Levels

• Current Price: $222.70 
• High: $228.33 
• Low: $221.53 
• R3: $245.9486
• R2: $238.5141
• R1: $233.3491
• PP: $225.9146
• S1: $220.7496
• S2: $213.3151
• S3: $208.1501

BCH/USD daily chart

BCH/USD encountered resistance at the SMA 20 curve and fell from $228.65 to $222.75 following a bullish Tuesday. While the price is trending in an upward channel formation, the bulls will need to overcome resistance at the SMA 20, $237.75 and $246.80. The MACD indicates increasing bullish momentum, while the Elliott Oscillator has had nine consecutive green sessions. Finally, the RSI indicator is trending horizontally around the neutral territory.