- Bitcoin cash price started a fresh decline from the $138 zone against the US Dollar.
- The price is now trading below the $125 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $126 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of more losses below the $115 and $112 support levels.
Bitcoin cash price is moving lower below $125 against the US Dollar, similar to bitcoin. BCH/USD could slide further towards the $100 level in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $138 and $140 resistance levels. BCH formed a high near $138 and started a fresh decline.
There was a clear move below the $132 and $130 support levels. The bears pushed the price the $126 zone and the 55 simple moving average (4-hours). The declined gained pace below the $122 level. Finally, the price traded as low as $115.95.
It is now consolidating and struggling below the $120 level. On the upside, an immediate resistance is near the $121 level. It is near the 23.6% Fib retracement level of the recent decline from the $138 swing high to $116 low.
The first major resistance is near the $125 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $126 on the 4-hours chart of the BCH/USD pair. The trend line is also near the 50% Fib retracement level of the recent decline from the $138 swing high to $116 low.
The main resistance sits near the $135 level. Any more gains above $135 and $138 could set the pace for a move towards the $150 level.
If there is a move above the $150 resistance, the price could rise towards the $165 zone. An immediate support on the downside is near the $116 zone. The next major support is near the $112 level, below which the bears might aim $105. The next target for them may perhaps be near the $100 level.
Looking at the chart, bitcoin cash price is now trading below the $125 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses below the $115 and $112 support levels.
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 below the 50 level.
Key Support Levels – $116 and $112.
Key Resistance Levels – $125 and $130.
