- Bitcoin cash price started a fresh decline from the $320 resistance against the US Dollar.
- The price is now trading below the $300 zone and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $290 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if there is a break below the $280 support in the near term.
Bitcoin cash price is struggling below $300 against the US Dollar, similar to bitcoin. BCH/USD must stay above $270 to avoid more downsides in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price attempted an upside break above the $318 and $320 resistance levels. However, BCH struggled near the $320 zone and formed a high near $318.
The price started a fresh decline below the $305 support level. There was a clear move below the $300 support level and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $290 on the 4-hours chart of the BCH/USD pair.
The pair settled below the 50% Fib retracement level of the upward move from the $270 swing low $318 high. It is now consolidating near the $285 support zone.
The 76.4% Fib retracement level of the upward move from the $270 swing low $318 high is also near $285. The next major support is near the $270 level, below which the bears gain strength. The next target for them may perhaps be near the $250 level.
On the upside, the price is now facing resistance near the $300 resistance and the 55 simple moving average (4-hours). The next major resistance is near the $320 level.
A clear break above $318 and $320 might start a fresh increase. In the stated case, the price could rise towards the $350 resistance zone.
Looking at the chart, bitcoin cash price is now trading below the $300 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $280 support in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Key Support Levels – $285 and $270.
Key Resistance Levels – $300 and $320.
