- The bulls continue to show resilience in spite of the market being in favor of the sellers.
- Not much of a price change is expected to the upside in the short-term.
BCH/USD trend in the short-term is sideways after the bulls failed to overcome the resistance at $165. Bitcoin Cash slipped back below $160 and has over the last three days established support at $155. The bulls continue to show resilience in spite of the market being in favor of the sellers.
A quick glance at the market shows almost all the top twenty cryptocurrencies in the red with losses between 0.2% and 2.5%. Bitcoin Cash is trending lower 2% on the day after opening the trading on Wednesday at $159.55.
The 100 SMA 1-hour is providing support marginally below the current price of the coin at $156.02. The RSI on the same chart is heading upwards to show that the buyers are increasing their entries. However, with the MACD stuck in the negative zone, not much of a price change is expected to the upside. Initial resistance will be at the 50 SMA 1-hour currently at $157.88. The next hurdle is seen at $160 while last week’s barrier at $165 is the medium-term resistance level.
BCH/USD 1-hour chart