HomeAltcoin NewsBitcoin Cash Analysis: Bearish Below $465 In Near Term

Bitcoin Cash Analysis: Bearish Below $465 In Near Term

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  • Bitcoin cash price started a fresh decline after it failed to surpass the $550 resistance against the US Dollar.
  • The price is now trading below the $500 support and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $510 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it fails to stay above the $465 support zone.

Bitcoin cash price is slowly moving lower below $500 against the US Dollar, similar to bitcoin. BCH/USD must stay above $465 and $450 to start a fresh increase.

Bitcoin Cash Price Analysis

After an extension above the $520 level, bitcoin cash price faced a strong resistance. BCH struggled to clear the $550 zone and it started a major decline.

There was a clear downside break below the $520 and $500 support levels. The pair declined below the 23.6% Fib retracement level of the upward move from the $388 swing low to $548 high. There was also a break below a major bullish trend line with support near $510 on the 4-hours chart of the BCH/USD pair.

The pair is now trading below the $500 support and the 55 simple moving average (4-hours). An immediate support on the downside is near the $465 level.

The 50% Fib retracement level of the upward move from the $388 swing low to $548 high. A downside break below the $465 support zone could open the doors for a larger decline. The next major support is near the $425 level.

Conversely, the price could start a fresh increase above the $480 level. The next major resistance is near the $500 level and the 55 SMA. A close above the $500 level might push the price towards $520. If there are more gains, the price could even surpass the $550 level in the near term. The next major resistance is near the $600 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is showing bearish signs below $500 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $465 support zone.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 40 level.

Key Support Levels – $465 and $425.

Key Resistance Levels – $500 and $550.

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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