- Bitcoin cash price started a fresh decline below the $230 zone against the US Dollar.
- The price is now trading below the $225 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $214 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a fresh decline if it stays below the $225 resistance zone.
Bitcoin cash price is struggling below the $230 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $225 or $230.
Bitcoin Cash Price Analysis
Bitcoin cash price remained in a bearish zone below the $245 and $240 resistance levels. BCH traded below the $230 support level to move again into a bearish zone.
There was a clear move below the $225 zone. The price even tested the $206 support. A low is formed near the $06.50 level and the price is now consolidating losses. BCH is now trading below the $225 zone and the 55 simple moving average (4 hours).
Immediate resistance is near the $214 level. There is also a key bearish trend line forming with resistance near $214 on the 4-hour chart of the BCH/USD pair.
The next key resistance is near the $218 zone. It is close to the 23.6% Fib retracement level of the downward move from the $256 swing high to the $206 low. The main resistance is now forming near $225 and the 55 simple moving average (4 hours).
Any more gains above $225 could set the pace for a move toward the $245 level or the 76.4% Fib retracement level of the downward move from the $256 swing high to the $206 low. If there is a move above the $245 resistance, the price could rise toward the $255 zone.
If not, the price might continue lower below $210. Immediate support on the downside is near the $206 zone. The next major support is near the $200 level, below which the bears might aim for $188 or even $185.
Looking at the chart, Bitcoin cash price is now trading below the $225 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $225 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 – $206 and $200.
Key Resistance Levels – $218 and $225.
