Bitcoin Cash (BCH) Price Analysis – Price Breakout Signals Short-Term Buy For Bitcoin Cash

 

Out of the top ten crypto projects, Bitcoin Cash has shown a nice but small recovery of 3% under 24-hours. Amidst the bearish trend, the bulls have tried to push the BCH price to $211 at the moment. BCH is currently the fifth-largest cryptocurrency by market cap, although we can expect the price to keep rising if the trading volume is increasing by the day.

Bitcoin Cash (BCH) Price Analysis: 4H Chart – Bullish

Key resistance levels: $220, $230, $240
Key support levels: $204, $200, $196

Following the past three weeks of trading, Bitcoin Cash is currently relying on major support of $196, although minor support was recently created at $204 – which is where BCH held a weekly low. The $204 support is likely to become strong if the market climbs to a more relief resistance at $220, $230 and $240 in a subsequent move. We can see that Bitcoin Cash has managed to break the orange descending line that is drawn from November 6 resistance.

However, an opposite price movement could expose this support to a threat if the long bearish formation resumes. A drive below $204-$204 support area could roll BCH price back to $196 support. Considering the positive signs on the MACD and the RSI indicators, it appeared a bullish momentum is around the corner for BCH market.

Bitcoin Cash (BCH) Price Analysis: 2H Chart – Bullish

Bitcoin Cash is currently showing some positive signs on the 2-hours chart. The buyers are stepping back again! The question here is, will they last? Of course, the buyers can take-over the trend if the price of BCH keeps surging upward. In view of that, the next buying target is likely at $216 and $220 resistance.

But in case the sellers return back in the market now, the price is likely to plunge back to $208 and $204 support in no time. Taking a look at the technical indicator reading, Bitcoin Cash is confirmed bullish on the hourly time frame. Acting upon this, a more positive climb is expected to play out in the next few days. For now, we may need to wait for a pullback before we can consider the latest breakout as a true bullish signal.

BCH BUY SIGNAL

BUY Entry: $208
TP: $220
SL: $202