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Bitcoin Cash Price Analysis: BCH/USD bears drop price below channel formation

FX Street
Updated:
  • BCH/USD drops down after encountering resistance at $309.
  • The SMA 20 is looking to cross over the SMA 200 to chart bullish cross pattern.

BCH/USD daily chart

BCH/USD daily chart

BCH/USD faced bearish correction after two straight bullish days. BCH/USD dropped from $309 to $305.20 this Friday. In the process, it fell below the upward channel formation. The SMA 20 is looking to cross over the SMA 200 to chart bullish cross pattern. The MACD shows decreasing, yet sustained bullish momentum, while the RSI is trending around 64.25, next to the overbought zone.

BCH/USD has strong resistance levels at $309 and $319.45. On the downside, we have healthy support levels at $297, $283.50 and $272.20 (SMA 20 and SMA 200).

Key levels

 

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