Nathan BatchelorBitcoin Cash has staged a strong rebound alongside a number of top altcoins earlier this week after finding support from just above the $130.00 level.
Bitcoin Cash price analysis shows that the cryptocurrency is vulnerable to further losses while trading below trendline resistance, around the $195.00 level.
Bitcoin Cash medium-term price trend
Bitcoin Cash has been steadily rising over recent days after bouncing from the $145.00 level earlier this week.
The BCH/USD pair has now created a bullish double-bottom pattern formation, which is also helping to improve near-term sentiment.
Bitcoin Cash technical analysis shows that the $195.00 level is a major trendline resistance of the daily time frame and a key area to watch this week.
Gains above the mentioned trendline could see the BCH/USD pair advancing towards the $215.00 and possibly the $220.00 level.
Failure to move above the trendline could result in a retest of the $145.00 and possibly the $130.00 level.
It is noteworthy that long-term technical support for the BCH/USD pair below the $100.00 level is found at the $80.00 to $75.00 levels.
Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis shows that the cryptocurrency is bearish over the short-term while price trades below the $212.00 level.
The one-hour time frame currently shows that a fairly large ascending triangle pattern has formed during the recent recovery.
The size of the pattern indicates that a bullish breakout above the $198.00 resistance level could see the BCH/USD pair rallying towards the $260.00 area.
To the downside, a break below the $155.00 level could see the BCH/USD pair testing towards the $100.00 support level.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis indicates that the cryptocurrency could stage a major rally if price starts to rally above the $195.00 to $198.00 resistance level. Rejection from this area could see a strong decline towards the $100.00 level.
