- Bitcoin cash price started a fresh decline from the $135 zone against the US Dollar.
- The price is now trading above the $125 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $128 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it breaks the $128 and $125 support levels.
Bitcoin cash price is declining from the $135 zone against the US Dollar, unlike bitcoin. BCH/USD could decline heavily if there is a move below $125.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $135 and $136 resistance levels. BCH formed a high near $135.82 and started a fresh decline.
There was a clear move below the $134.00 and $132.00 support levels. The pair traded below the 23.6% Fib retracement level of the upward move from the $119 swing low to $136 high. The bears even pushed the price below the $130 support.
It is now trading above the $125 zone and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $128 on the 4-hours chart of the BCH/USD pair.
An immediate resistance is near the $132 level. The main resistance sits near the $135 level. Any more gains above $132 and $135 could set the pace for a move towards the $142 level. If there is a move above the $142 resistance, the price could rise towards the $150 zone.
If not, the price might continue lower below the trend line support and $128. An immediate support on the downside is near the $126 zone. The next major support is near the $125 level, below which the bears might aim $120. The next target for them may perhaps be near the $115 level.
Looking at the chart, bitcoin cash price is now trading above the $125 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $128 and $125 support levels.
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 near the 50 level.
Key Support Levels – $128 and $125.
Key Resistance Levels – $132 and $135.
