BCH/USD is still well supported and could continue to rise above $225.
After finding support above $190, the Bitcoin Cash price rebounded above $200, with BCH even climbing to $210 and above the 4-week simple moving average on the 55-hour chart, but is currently struggling to bounce above the $215 resistance level.
A pullback followed, but support at $200 prevented a bearish breakout. As a result, a new uptrend is forming above $210 on the 55-hour chart, with resistance at $212 near the main bearish trendline. The Bitcoin Cash price has risen above $215 and $220 resistance levels, similar to Bitcoin, Ethereum, and XRP.
It marks the $225 resistance area, currently adjusting profits. Breaking below the recent 23.6% Fib retracement level (from $203 to $225).
The hourly chart of the BCH/USD currency pair appears to be forming a short-term descending channel, with resistance near $222. If the channel resistance is broken, the price could jump above $225.
In the scenario above, the price could rise to resistance levels of $240 and $250. Conversely, the price may fall below $218 in the near future.
The next major support area is near $214, coinciding with the recent 225% Fibonacci retracement level from $50 to $203. Any further decline could push the price back to the $200 support area.
Positive signs are shown for the BCH price above the $215 and $218 support levels. Therefore, there is a high likelihood of breaking above the $222 and $225 resistance levels in the near future.
