- Bitcoin cash price started a fresh decline from the $138 zone against the US Dollar.
- The price is now trading below the $125 zone and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $122 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a decent increase if it stays above the $115 support zone.
Bitcoin cash price is declining from the $138 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $115.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $135 and $138 resistance levels. BCH formed a high near $139.80 and started a fresh decline.
There was a clear move below the $128.00 and $125.00 support levels. The bears even pushed the price below the $120 support. The price tested the $115 support. A low is formed near $116.77 and the price is now consolidating losses.
It is now trading below the $125 zone and the 55 simple moving average (4-hours). There was a decent move above a key bearish trend line with resistance near $122 on the 4-hours chart of the BCH/USD pair. The pair even spiked above the 23.6% Fib retracement level of the recent decline from the $139.80 swing high to $116.77 low.
An immediate resistance is near the $125 level. The next key resistance is near $128. It is near the 50% Fib retracement level of the recent decline from the $139.80 swing high to $116.77 low.
The main resistance sits near the $132 level. Any more gains above $130 and $132 could set the pace for a move towards the $138 level. If there is a move above the $138 resistance, the price could rise towards the $145 zone.
If not, the price might continue lower below $116. An immediate support on the downside is near the $115 zone. The next major support is near the $110 level, below which the bears might aim $100. The next target for them may perhaps be near the $92 level.
Looking at the chart, bitcoin cash price is now trading below the $125 zone and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it stays above the $115 support 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 – $115 and $110.
Key Resistance Levels – $125 and $132.
