- Bitcoin cash price started a downside correction from the $225 zone against the US Dollar.
- The price is now trading below the $215 zone and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $212 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it breaks the $204 and $198 support levels.
Bitcoin cash price is declining from the $225 zone against the US Dollar, like Bitcoin. BCH/USD must stay above $198 to start a fresh increase.
Bitcoin Cash Price Analysis
Bitcoin Cash price was able to gain pace for a move above the $215 and $220 resistance levels. BCH even traded above the $222 level before the bears appeared.
A high was formed near $225.80 before the price started a downside correction. There was a clear move below the $220 and $215 support levels. Besides, there was a break below a key bullish trend line with support at $212 on the 4-hour chart of the BCH/USD pair.
The pair traded below the 23.6% Fib retracement level of the upward move from the $180.48 swing low to the $225.80 high. The bears even pushed the price below the $210 support.
It is now trading below the $215 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $212 level. The main resistance sits near the $225 level. Any more gains above $225 could set the pace for a move toward the $250 level.
If there is a move above the $250 resistance, the price could rise toward the $265 zone. If not, the price might continue lower below $208.
Immediate support on the downside is near the $204 zone. The next major support is near the $198 level or the 61.8% Fib retracement level of the upward move from the $180.48 swing low to the $225.80 high, below which the bears might aim for $188. The next target for them may perhaps be near the $180 level.
Looking at the chart, Bitcoin Cash price is now trading below the $215 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $204 and $198 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 below the 50 level.
Key Support Levels – $204 and $198.
Key Resistance Levels – $212 and $225.
