Bitcoin Cash price analysis: buyers have the upper hand above $218.00 level

Bitcoin Cash price analysis indicates that a break below the $200.00 level would be extremely bearish for the BCH/USD pair. Buyers need to invalidate a large head and shoulders pattern to force a major upside breakout.

Bitcoin Cash recently suffered a heavy technical rejection from critical resistance, after bulls failed to move the price past the $280.00 level.

Bitcoin Cash price analysis indicates that buyers still have the upper hand while the price trades above the $218.00 support level.

Bitcoin Cash medium-term price trend

Bitcoin Cash is attempting to move higher again and is closely tracking the price movement of Bitcoin.

Bitcoin Cash technical analysis shows that bulls need to hold the price above $218.00 to encourage another technical test of the $280.00 level.

Bitcoin Cash price analysis

The daily time frame shows that a third bullish higher lower has been created and has encouraged technical buying.

A breakout above the $280.00 level could provoke a technical rally towards the $330.00 level.

Looking at the downside potential for the BCH/USD pair, a breakout below $218.00 could cause heavy technical selling towards the $200.00 level.

Bitcoin Cash short-term price trend

Bitcoin Cash technical analysis shows that the cryptocurrency is bearish over the short term, while the price trades above the $240.00 level.

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The four-hour time frame shows that a head-and-shoulders pattern still remains valid after bulls failed to break above the $280.00 level last week.

Bitcoin Cash price analysis

Technical analysis shows that a breakout from the $200.00 to $280.00 price range should provoke the next major directional move in the BCH/USD pair.

Sellers need to move the price below the $200.00 level to activate the bearish pattern, which holds a $80.00 downside projection.

If the price moves above the $280.00 level buyers will invalidate the mentioned bearish pattern. A break above the $280.00 level could see the BCH/USD pair rallying towards the $360.00 area.

Overall, watch out for the next major directional move once the $200.00 to $281.00 range break takes place.

Bitcoin Cash technical summary

Bitcoin Cash technical analysis highlights that bulls recently failed to stage an upside breakout. A recovery still remains possible while the price trades above the $218.00 level.

Bitcoin Cash to US Dollar
Daily change
110.45
Low: 110.2
High: 116.25
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