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Bitcoin Cash Analysis: Bears Aim Fresh Drop To $100

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  • Bitcoin cash price started a fresh decline below the $120 zone against the US Dollar.
  • The price is now trading below the $120 zone and the 55 simple moving average (4 hours).
  • There is a short-term rising channel forming with support at $112.80 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $118 resistance zone.

Bitcoin cash price is declining below the $120 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $110.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $124 and $124 resistance levels. BCH formed a high near $123.94 and started a fresh decline.

There was a clear move below the $122.00 and $120.00 support levels. The pair even declined below the $115 support. It tested the $110 level. A low is formed near $110.16 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $123.94 swing high to the $110.16 low.

Besides, it is trading below the $120 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $117.00 level and the 55 simple moving average (4 hours).

The 50% Fib retracement level of the recent decline from the $123.94 swing high to the $110.16 low is also near $117. The next key resistance is near $120. Any more gains above $117 and $120 could set the pace for a move toward the $125 level.

If there is a move above the $125 resistance, the price could rise toward the $132 zone. If not, the price might continue lower below $110. Immediate support on the downside is near the $108 zone. The next major support is near the $100 level, below which the bears might aim for $92.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading below the $118 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $118 resistance zone.

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 below the 50 level.

Key Support Levels – $110 and $108.

Key Resistance Levels – $118 and $120.

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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