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Bitcoin Cash Analysis: Bulls Looks Risky Below $350

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  • Bitcoin cash price started a fresh decline from the $385 resistance against the US Dollar.
  • The price is now trading below the $350 zone and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $370 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair remains at a risk of a downside break below the $325 support zone in the near term.

Bitcoin cash price is struggling below $350 against the US Dollar, similar to bitcoin. BCH/USD could extend losses if there is a clear move below $325.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $386 and $390. However, BCH failed to gain pace and started a fresh decline below the $380 level.

There was a move below the $370 level and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $370 on the 4-hours chart of the BCH/USD pair. The pair even broke the $350 support zone.

A low is formed near $326 and is currently consolidating losses. On the upside, the price is now facing resistance near the $340 level. It is near the 23.6% Fib retracement level of the downward move from the $382 swing high to $326 low.

The next major resistance is near the $350 level. The 50% Fib retracement level of the downward move from the $382 swing high to $326 low is also near the $355 level.

A clear break above $350 and $355 might start a fresh increase. In the stated case, the price could even clear the $370 resistance zone. The next major hurdle is near the $386 level.

If not, the pair might resume its decline below the $330 level. The next major support is near the $325 level, below which the bears gain strength. The next target for them may perhaps be near the $300 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $360 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a downside break below the $325 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Key Support Levels – $325 and $300.

Key Resistance Levels – $350 and $355.

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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