- Bitcoin Cash reignited downtrend destroys $195 support.
- The buy zone at $190 is expected to be Bitcoin Cash’s stepping stone towards $220.
Bitcoin Cash bulls threw in the towel on Monday, leaving the $200 level in violation by the bears. The downtrend momentum explored the lows under towards $190 as pressure intensified. Tentative support at $195 failed to offer support.
In spite of the overwhelming selling pressure, the crypto asset tried and succeeded in cutting short the losses. An intraday low formed at $194.26, allowing for a shallow recovery currently struggling to stay afloat above $195.
The price is under the moving averages whereby the 50 SMA is holding ground at $207 while the longer-term 100 SMA at $210. The RSI is holding the position under 30 and moving horizontally within the oversold. If the ranging movement is unchanged, BCH/USD will likely consolidate between o$190 and $195. The MACD features a bearish cross, in turn, signaling the strong bearish grip.
For now, defending $190 support is good enough for the bulls. However, to escape the potential drop towards $180, the buyers must increase their entry and stir up growth past $200 while shifting focus to $220.
BCH/USD 4-hour chart