- Bitcoin cash price is currently correcting higher above $180 against the US Dollar.
- The price is facing many challenges on the upside near $188, $192 and $196.
- There are two key bearish trend lines forming with resistance near $188 and $196 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to struggle near the $196 level and it might resume its decline.
Bitcoin cash price is showing a few positive signs above $180 against the US Dollar. However, BCH/USD must surpass $192 and $196 to move into an uptrend.
Bitcoin Cash Price Analysis
Earlier this month, we saw a steady decline in bitcoin cash price below the $200 support against the US Dollar. Moreover, BCH price settled below the $190 support and the 55 simple moving average (4-hours).
Finally, the price traded below the $180 support area and even spiked below $172. A swing low was formed near $170 and the price is currently correcting higher. It broke the $172 and $175 resistance levels.
Besides, there was a break above the 23.6% Fib retracement level of the last major decline from the $213 high to $170 low. However, the price is now facing many challenges on the upside near $188, $192 and $196.
Additionally, there two key bearish trend lines forming with resistance near $188 and $196 on the 4-hours chart of the BCH/USD pair. An intermediate resistance is near the $191 level.
The 50% Fib retracement level of the last major decline from the $213 high to $170 low is also near the $192 zone. Therefore, a clear break above the $192 and $196 resistance levels is must for a fresh increase.
The next major resistance is near the $204 level, above which it could accelerate higher. Conversely, the price could struggle to rise above $192 and $196.
In the mentioned case, the price is likely to resume its decline below the $185 and $182 levels. If the bulls fail to defend the $180 support, the price could revisit the $170 support area. Any further losses may perhaps push the price towards the $165 level.
Looking at the chart, bitcoin cash price is showing a few positive signs above the $182 and $185. Having said that, the price must climb above $192 and $196 to start a fresh increase. If not, it could start another decline below the $180 support area.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.
Key Support Levels – $182 and $180.
Key Resistance Levels – $192 and $196.
