- Bitcoin Cash smashes $200 support but $190 stays intact hitting a possible reversal.
- The bulls remain active on the market despite the continuous decline since Friday.
Bitcoin Cash lost its recovery mojo several weeks ago when gains above $300 became unsustainable. The support shuttering action has not only been devastating to the investors, but it has also made recovery untenable.
The losses from Friday last week extended the leg below $200 and formed a low at $195. In the previous downtrend, Bitcoin Cash recovered on touching $197 support. However, the recovery that ensued over the weekend fell short of $220. Also limiting gains is the descending trendline resistance.
Bitcoin Cash is flirting with $200 at the time of writing. The region below between $190 and $200 is Bitcoin Cash possible buy area. As long as, $190 support stays intact, correction above $200 will come easy as bulls dive in to ‘buy the dip.’
The immediate upside is limited by the SMA currently at $209. The narrowing gap between the 50 SMA and the 100 SMA signals the presence of the bulls. Meanwhile, the technical picture remains bearish with the RSI digging into the oversold and the MACD featuring a bearish cross.
BCH/USD 1-hour chart
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