- Bitcoin Cash renews the uptrend towards $200 after finding support at $135.
- The technical picture starts to improve as buyers fight to break above $170 resistance and push the price towards $200.
Bitcoin Cash price is working hard to capitalize on the ‘unusual’ calm across the cryptocurrency market following 24 hours of mayhem. The volatility in the market has had far-reaching effects with major coins such and Bitcoin (BTC) and Ethereum (ETH) nosediving under $4,000 and $100 respectively.
BCH/USD bulls took advantage of the support at $135 to enact a reversal move that has seen it top levels close to $200. However, the bearish pressure is still present and is reflected by Bitcoin Cash price adjustment from $193 (intraday high) to $168 (market value).
The RSI in the daily range is moving upwards and could soon step above 30. A movement towards 50 (RSI average) would encourage more buyers to re-enter the market and stop watching from the sidelines. Besides, most investors are waiting for a confirmed upward price action to confidently join the market.
Bitcoin price confluence support and resistance
Support one: $165 – Previous low 15-minutes and previous low 1-hour.
Support two: $162 – SMA ten 1-hour.
Resistance one: $170 – Bollinger Band 1-hour middle and SMA five15-mins.
Resistance two: $178 – Previous high 4-hour
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