- Bitcoin Cash price is largely in the hands of the bulls although bearish influence cannot be ignored.
- BCH/USD is still in danger of a breakdown to $150 especially if the short term ascending trendline support is shattered.
Bitcoin Cash price is struggling to hold onto the support at $180. Advancements towards $200 failed to materialized. Bulls appear to be getting exhausted and are likely to step aside and allow Bitcoin Cash to make another dip towards $150. The fall, although detrimental to the price, would be a blessing in disguise, because more investors are likely to buy low eventually pulling the price upwards.
At the time of writing, BCH/USD is trading at $179. The immediate downside is protected by a short term ascending trendline. A break below this support line could imminently force BCH to refresh the lows around $150.
For now, consolidation around $180 is expected to take center stage. The RSI is stuck in the oversold (precisely at 30). The leveling motion puts weight on the sideways trading action. On the other hand, bearish influence on the price cannot be ignored especially with the MACD stuck in the negative territory. The decreasing bearish divergence emphasizes that bulls do have an upper hand.