- Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
- The price is now trading above the $115 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $120 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a recovery wave if there is a clear move above the $120 and $125 levels.
Bitcoin cash price is recovering from the $105 zone against the US Dollar, similar to bitcoin. BCH/USD could rally if there is a close above the $125 resistance.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $124 and $125 resistance levels. BCH formed a high near $124 and started a fresh decline.
There was a clear move below the $122 and $120 support levels. The bears pushed the price the $112 zone and the 55 simple moving average (4-hours). The declined gained pace below the $110 level. Finally, the price traded as low as $106.56.
It is now correcting losses and trading above the $112 level. There was a move above the 50% Fib retracement level of the recent decline from the $123.45 swing high to $106.56 low.
The price is now trading above the $115 zone and the 55 simple moving average (4-hours). It is trading near the 76.4% Fib retracement level of the recent decline from the $123.45 swing high to $106.56 low. On the upside, an immediate resistance is near the $120 level.
There is also a major bearish trend line forming with resistance near $120 on the 4-hours chart of the BCH/USD pair. The first major resistance is near the $123.5 level.
The main resistance sits near the $125 level. Any more gains above $124 and $125 could set the pace for a move towards the $135 level. If there is a move above the $135 resistance, the price could rise towards the $150 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 above the $115 zone and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a clear move above the $120 and $125 levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $116 and $112.
Key Resistance Levels – $120 and $125.
