- Bitcoin cash price declined recently before it found support near the $380 level against the US Dollar.
- The price is currently correcting higher, but there are many hurdles near $410 and $420.
- There is a crucial bearish trend line forming with resistance near $414 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair could make an attempt to cross the $410 and $414 resistance levels in the near term.
Bitcoin cash price is trading above the $380 and $400 supports against the US Dollar. BCH could soon climb above $414 or it may decline towards the $380 or $350 level.
Bitcoin Cash Price Analysis
There was another slide in bitcoin cash price below the $430 and $420 support levels against the US Dollar. The BCH/USD pair even broke the $400 support and the 55 simple moving average (4-hours). A new monthly low was formed near $381 and recently the price started an upside correction. There was a break above the $400 and $405 resistance levels.
Moreover, there was a break above the 50% Fib retracement level of the last decline from the $446 high to $381 swing low. However, the price faced a strong resistance near the $420 and $422 levels. The price also struggled to clear the 61.8% Fib retracement level of the last decline from the $446 high to $381 swing low. At the outset, there is a crucial bearish trend line forming with resistance near $414 on the 4-hours chart of the BCH/USD pair.
The pair is currently trading well below the $410 and $414 resistance levels. Once there is a break above the bearish trend line, there could be a recovery towards the $425 level and the 55 simple moving average (4-hours). The next major resistance is near the $440 level.
On the downside, an immediate support is near the $390 level. If there are more losses, the price could even break the $381 swing low in the near term. In the mentioned case, the price is likely to accelerate towards the $360 or $350 support.
Looking at the chart, bitcoin cash price is clearly trading below a few important resistances near $410 and $414. Until there is a proper close above the $425 level and the 55 simple moving average (4-hours), there is a risk of more losses. If the bulls succeed, the price could easily rise towards $440 and $450.
Technical indicators
4 hours MACD – The MACD for BCH/USD is currently losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 40 level, with a positive angle.
Key Support Levels – $381 and $360.
Key Resistance Levels – $412 and $425.
