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Bitcoin Cash Analysis: BCH Faces Uphill Task at $462

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  • Bitcoin cash price started a fresh decline below the $500 zone against the US Dollar.
  • The price is now trading below the $450 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $450 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $462 resistance zone.

Bitcoin cash price is struggling below the $450 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $450 or $462.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to continue higher above the $525 resistance zone. BCH formed a short-term top near $528 before it started a fresh decline. There was a drop below the $500 and $462 support levels.

It even declined below the $450 support level. The price tested the $400 support. A low was formed near the $399.22 level and the price started a consolidation phase. Bitcoin cash is now trading below the $450 zone and the 55 simple moving average (4 hours).

Recently, there was a recovery wave above the $420 level. The price cleared the 23.6% Fib retracement level of the downward move from the $528 swing high to the $400 low.

The price is now struggling to clear the $440 level. The first major resistance is near the $450 level. There is also a key bearish trend line forming with resistance near $450 on the 4-hour chart of the BCH/USD pair. The next major resistance is near the $462 level.

It is close to the 50% Fib retracement level of the downward move from the $528 swing high to the $400 low. Any more gains above $462 could set the pace for a move toward the $480 level. If there is a move above the $480 resistance, the price could rise toward the $500 zone.

If not, the price might continue lower below $430. Immediate support on the downside is near the $420 zone. The next major support is near the $400 level, below which the bears might aim for $385 or even $365.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $450 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $462 resistance zone.

Technical indicators

4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.

Key Support Levels – $430 and $420.

Key Resistance Levels – $450 and $462.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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