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Bitcoin Cash Analysis: BCH Turns Red Below $525

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  • Bitcoin cash price started a fresh decline below the $550 zone against the US Dollar.
  • The price is now trading below the $540 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $507 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 $522 resistance zone.

Bitcoin cash price is struggling below the $540 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $507 or $512.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to continue higher above the $570 resistance zone. BCH formed a short-term top near $570 before it started a fresh decline. There was a drop below the $540 and $530 support levels.

It even declined below the $465 support level. The price tested the $450 support. A low was formed near the $444.50 level and the price started a consolidation phase. Bitcoin cash is now trading below the $525 zone and the 55 simple moving average (4 hours).

Recently, there was a recovery wave above the $500 level. The price cleared the 50% Fib retracement level of the downward move from the $570 swing high to the $445 low.

However, the price failed to surpass the $520 resistance. It struggled near the 61.8% Fib retracement level of the downward move from the $570 swing high to the $445 low. There is also a key bearish trend line forming with resistance near $507 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near the $512 level. Any more gains above $512 could set the pace for a move toward the $525 level. If there is a move above the $525 resistance, the price could rise toward the $550 zone. If not, the price might continue lower below $465.

Immediate support on the downside is near the $460 zone. The next major support is near the $445 level, below which the bears might aim for $425 or even $400.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $520 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $520 resistance zone.

Technical indicators

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

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

Key Support Levels – $465 and $445.

Key Resistance Levels – $507 and $525.

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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