Bitcoin Cash price analysis: $206.00 support level must hold

Bitcoin Cash price analysis shows that a breakout below the $206.00 support level would be extremely negative. A bearish head and shoulders pattern is currently valid on the lower time frames.

0'>Bitcoin Cash has come under heavy early-week selling pressure after the sudden drop in oil prices prompted Bitcoin and other cryptocurrencies to turn sharply lower.

Bitcoin Cash price analysis shows that buyers must defend the $206.00 support level this week to encourage more medium-term dip-buying.

Bitcoin Cash medium-term price trend

Bitcoin Cash has been reversing sharply from just below the $250.00 resistance over recent days, with the BCH/USD pair so far finding support from the $215.00 level.

Bitcoin Cash technical analysis shows that bulls need to hold price above the $206.00 level this week to form an important higher low on the weekly chart.

If the BCH/USD pair manages to hold this key support area, medium-term dip-buyers may start to move back into the popular cryptocurrency.

The daily time frame shows that a rally back towards the $250.00 level may occur if the $206.00 support holds firm this week.

It is noteworthy that a drop below the $206.00 level could cause the BCH/USD pair to test back towards critical medium-term support, around the $180.00 level.

What is your sentiment on BCH/USD?

Vote to see community's results!

Bitcoin Cash short-term price trend

0'>Bitcoin Cash technical analysis shows that the cryptocurrency is bearish over the short term while price trades below the $228.00 level.

The four-hour time frame currently shows that a large inverted head-and-shoulders pattern has formed, following the recent rally towards the $250.00 level.

The size of the pattern indicates that a bullish breakout above the $250.00 resistance level could see the BCH/USD pair rallying towards the $290.00 area.

With this in mind, it is imperative that bulls defend the $206.00 level this week so that the pattern is not invalidated.

Bitcoin Cash technical summary

Bitcoin Cash technical analysis highlights that bulls need to defend the $206.00 level this week. If key support holds the BCH/USD pair could rally towards the $250.00 and possibly even the $290.00 level.

Bitcoin Cash to US Dollar
Daily change
Low: 109.85
High: 112.4
The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image