- 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.
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.
