- Bitcoin cash price is facing a strong resistance near the $216 and $218 levels against the US Dollar.
- The price is currently consolidating in a range above the $210 support area.
- There is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must surpass the $216 resistance area to start a nice upward move.
Bitcoin cash price is facing many resistances near $216 against the US Dollar. BCH/USD could tumble below $210 if it continues to struggle near $216.
Bitcoin Cash Price Analysis
After a steady decline, bitcoin cash price found support near the $210 level against the US Dollar. BCH price traded as low as $209 and recently started an upside correction.
It broke the $213 level, and the 23.6% Fib retracement level of the last key decline from the $227 high to $209 low. However, the price seems to be facing a strong resistance near the $216 and $218 levels.
Similarly, bitcoin is struggling to gain momentum above the $7,400 resistance area and Ethereum is finding it hard to continue higher above $152.
On the upside, BCH seems to be struggling near the $216 level
More importantly, there is a major bearish trend line forming with resistance near $215 on the hourly chart of the BCH/USD pair. Therefore, an upside break above the $216 and $218 resistance levels is must for bullish continuation.
The next set of resistances is near the $225 level. An intermediate resistance is near the 61.8% Fib retracement level of the last key decline from the $227 high to $209 low at $220.
On the other hand, the price could fail to surpass $216 and $218. In the mentioned case, the price is likely to retest the $210 support area. Any further losses may perhaps lead the price towards the $200 support area.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price seems to be consolidating below the main $216 and $218 resistance levels. In the short term, there could be ranging moves above the $210 support before the price either rallies towards $227 or revisit the $200 support area.
Hourly MACD – The MACD for BCH/USD is currently losing momentum and moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level, with a minor bullish angle.
Key Support Levels – $210 and $200.
Key Resistance Levels – $216 and $218.
Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed
- Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
- BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark.
- Price action is moving within consolidation mode, vulnerable to further downside risks.
BCH/USD weekly chart
The price is running at its second consecutive week in the red, trading just above vital support at $208.
BCH/USD daily chart
Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent.
Spot rate: 211.11
Relative change: +2.10%
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Bakkt’s BTC Monthly Options record execution of first block trade
Bakkt has come a long way since its launch on 23 September.
After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.
According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.
The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.
With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.
Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights
Trabue Bland, President of ICE Futures U.S, stated,
“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”
Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.
The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.
Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.
Bitcoin Cash (BCH/USD) forecast and analysis on December 13, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 205. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCH/USD) forecast and analysis on December 13, 2019
As part of the Bitcoin Cash forecast, a test of level 208 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 188. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 214.
The cancellation of
Bitcoin Cash (BCH/USD) forecast and analysis on December 13, 2019 implies a test level of 208. Further, it is expected to continue falling to the area below the level of 188. The conservative area for selling Bitcoin Cash is located area of 214. Canceling the option of falling cryptocurrency will be a breakdown of the level of 220. In this case, we can expect continuation growth.