- Bitcoin cash price started a fresh decline below the $250 zone against the US Dollar.
- The price is now trading below the $240 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $234 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 $242 resistance zone.
Bitcoin cash price is declining below the $242 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $220.
Bitcoin Cash Price Analysis
Bitcoin cash price remained in a bearish zone below the $255 and $250 resistance levels. BCH traded below the $242 support level to move further into a bearish zone.
There was a clear move below the $235 zone. The price is now moving lower below the 50% Fib retracement level of the upward move from the $217 swing low to the $249 high. The bears seem to be in control below $242 and $250.
Bitcoin Cash is now trading below the $240 zone and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $234 on the 4-hour chart of the BCH/USD pair.
Immediate resistance is near the $232 level and the 55 simple moving average (4 hours). The next key resistance is near the trend line and $235. Any more gains above $235 could set the pace for a move toward the $242 level. If there is a move above the $242 resistance, the price could rise toward the $250 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 $220 level, below which the bears might aim for $215 or even $205.
Looking at the chart, Bitcoin cash price is now trading below the $240 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $242 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 – $225 and $220.
Key Resistance Levels – $235 and $242.
