Hi BCH lovers, as you probably seen, the price of Bitcoin Cash has fall to $200.
I recently read an article of an analyst which is called "AsimMirza786" on TradingView (an online analytics website) who believes that the bears are taking control over the Bitcoin Cash market.
The Bitcoin Cash price line went straightly to the $200-level after we saw a day’s high that was above the $232 level on the price chart as for the 22nd of March.
When looking at the graph of BCH, we actually see that the $200 level is a very strong support.
When analyzing the graph technically, it seems that instead of turning into a bearish market there may be a great opportunity to buy BCH!
You can see that the graph went a little below the $200 level, however, the bulls showed us their power as the graph climbed very fast to above the $200 level, which is a GOOD signal.
Take a look at the RSI of BCH/USD in the daily graph:
As we can see, the graph has reached the 20 RSI level and the bounced back to the 40 level. To me, it seems like the graph has a potential to turn into a bullish trend. You can see that even before it happened. The RSI has dropped down to the same level like now, and then it bounced back and even reached the 70 level!
So, what to do now?
Image was taken from: Wikipedia
I think that the right plan now will be to wait a bit more and see what happens with the graph. If you see that the chart keep pushing up, then it is a good sign to buy (even in the next few days). But if you see that the chart stops its uptrend and turning into a downtrend, then probably the bears will try to push down the price back to the $200. And then you will have to see whether it breaks that strong support or not.