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    Bitcoin Cash price analysis: weakness below $200 possible

    By Nathan Batchelor

    12:34, 17 September 2020

    Bitcoin Cash price analysis

    Bitcoin Cash continues to trade towards the worst levels of 2020, despite a resurgence in the Bitcoin back towards the $11,000 level.

    Bitcoin Cash price analysis shows that the cryptocurrency is at risk of falling towards the $180 area, and possibly lower.

    Bitcoin Cash medium-term price trend

    Bitcoin Cash is testing towards the bottom of its six-month trading range, as buying demand for the BCH/USD pair remains extremely weak.

    Bitcoin Cash technical analysis shows that the cryptocurrency is at risk of further declines if the current monthly low is broken.

    The $200 support level has capped the early-month decline, and has been acting as formidable technical support since April this year.

    According to the daily time frame, a bearish breakout under $200 could see the BCH/USD pair testing the $180 level, and possibly even the current yearly low around $130.

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    BTC/USD

    95,823.95 Price
    +0.730% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    Gold

    2,615.80 Price
    -0.290% 1D Chg, %
    Long position overnight fee -0.0151%
    Short position overnight fee 0.0069%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    US100

    21,325.30 Price
    +0.300% 1D Chg, %
    Long position overnight fee -0.0234%
    Short position overnight fee 0.0012%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    XRP/USD

    2.21 Price
    -0.230% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01101

    Bitcoin Cash short-term price trend

    Bitcoin Cash technical analysis shows that the cryptocurrency has a short-term bearish bias while the price trades under the $250 resistance level.

    The one-hour time frame shows that the pair is currently trapped inside a symmetrical triangle pattern.

    According to the size of the neutral price pattern, Bitcoin Cash could soon stage a $40 directional move.

    A break under the triangle could see the BCH/USD pair testing $180, while a break above the triangle may see the BCH/USD pair recovering back towards $260.

    Bitcoin Cash technical summary

    Bitcoin Cash technical analysis shows that the cryptocurrency may start to weaken below the $200 support level.

    Markets in this article

    BCH/USD
    Bitcoin Cash / USD
    446.30 USD
    -1.4 -0.310%

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
    You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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    CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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