- Bitcoin cash price started a fresh decline from the $260 zone against the US Dollar.
- The price is now trading below the $250 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $238 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 $240 resistance zone.
Bitcoin cash price is struggling below the $250 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $238 or $240.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue higher above the $260 resistance zone. BCH formed a short-term top near $258 before it started a fresh decline. There was a drop below the $252 and $250 support levels.
It even declined below the $232 support level. The price tested the $220 support. A low is formed near the $218.70 level and the price is now consolidating losses. Bitcoin cash is now trading below the $240 zone and the 55 simple moving average (4 hours).
If there is a fresh increase, it could face resistance near the $238 level. It is close to the 23.6% Fib retracement level of the downward move from the $298 swing high to the $218 low.
There is also a key bearish trend line forming with resistance near $238 on the 4-hour chart of the BCH/USD pair. The next major resistance is near the $240 level. Any more gains above $240 could set the pace for a move toward the $258 level. It is near the 50% Fib retracement level of the downward move from the $298 swing high to the $218 low.
If there is a move above the $258 resistance, the price could rise toward the $280 zone. If not, the price might continue lower below $230. Immediate support on the downside is near the $225 zone. The next major support is near the $218 level, below which the bears might aim for $202 or even $200.
Looking at the chart, Bitcoin cash price is now trading below the $245 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $240 resistance zone.
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 – $225 and $218.
Key Resistance Levels – $238 and $240.
