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Bitcoin Cash Analysis: Bulls Struggle Below $140

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  • Bitcoin cash price started a fresh decline from the $155 zone against the US Dollar.
  • The price is now trading near the $135 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $140 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $136 and $132 support levels.

Bitcoin cash price is declining from the $155 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $132.

Bitcoin Cash Price Analysis

Bitcoin cash price was able to gain pace for a move above the $135 and $140 resistance levels. BCH even traded above the $150 level before the bears appeared.

A high was formed near $154 before the price started a fresh decline. There was a clear move below the $145 and $142 support levels. The pair traded below the 23.6% Fib retracement level of the upward move from the $119 swing low to $155 high.

The bears even pushed the price below the $140 support. It is now now trading near the $135 zone and the 55 simple moving average (4-hours).

An immediate resistance is near the $139 level. The main resistance sits near the $140 level. There is also a key bearish trend line forming with resistance near $140 on the 4-hours chart of the BCH/USD pair. Any more gains above $140 could set the pace for a move towards the $150 level.

If there is a move above the $150 resistance, the price could rise towards the $155 zone. If not, the price might continue lower below $136 and the 50% Fib retracement level of the upward move from the $119 swing low to $155 high.

An immediate support on the downside is near the $134 zone. The next major support is near the $132 level, below which the bears might aim $125. The next target for them may perhaps be near the $120 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading near the $135 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $136 and $132 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 – $136 and $132.

Key Resistance Levels – $140 and $150.

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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