HomeAltcoin NewsBitcoin Cash Analysis: Bulls Struggle Below $120

Bitcoin Cash Analysis: Bulls Struggle Below $120

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  • Bitcoin cash price started a fresh decline from the $117 zone against the US Dollar.
  • The price is now trading below the $115 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $112.50 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 $110 and $107 support levels.

Bitcoin cash price is declining from the $117 zone against the US Dollar, similar to Bitcoin. BCH/USD could decline heavily if there is a move below $110.

Bitcoin Cash Price Analysis

Bitcoin Cash price was able to gain pace for a move above the $112 and $115 resistance levels. BCH even traded above the $116 level before the bears appeared.

A high was formed near $116.83 before the price started a fresh decline. There was a clear move below the $115 and $114 support levels. The pair traded below the 50% Fib retracement level of the upward move from the $106.99 swing low to the $116.83 high.

The bears even pushed the price below the $112 support. It is now trading below the $115 zone and the 55 simple moving average (4 hours).

Immediate resistance is near the $112.50 level. There is also a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of the BCH/USD pair. The main resistance sits near the $115 level. Any more gains above $115 could set the pace for a move toward the $117 level.

If there is a move above the $117 resistance, the price could rise toward the $125 zone. If not, the price might continue lower below $110 and the 61.8% Fib retracement level of the upward move from the $106.99 swing low to the $116.83 high.

Immediate support on the downside is near the $108 zone. The next major support is near the $107 level, below which the bears might aim $100. The next target for them may perhaps be near the $92 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash price is now trading below the $115 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $110 and $107 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 – $110 and $107.

Key Resistance Levels – $112.50 and $115.

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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