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Bitcoin Cash Analysis: Bulls Struggle Near $100

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  • Bitcoin cash price started a fresh decline from the $125 resistance against the US Dollar.
  • The price is now trading below the $115 zone and the 55 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $102 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $102 and $110 to start a fresh increase in the near term.

Bitcoin cash price is struggling below $120 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $110.

Bitcoin Cash Price Analysis

Bitcoin cash price made a few attempts to gain strength above $125 and $130. However, BCH failed to gain pace and started a fresh decline below the $120 level.

There was a move below the $110 level and the 55 simple moving average (4-hours). The price even traded below the $105 support and formed a low near $97.02. It is now consolidating losses above the $100 level. An immediate resistance is near the $102 and $103 levels.

There is also a crucial bearish trend line forming with resistance near $102 on the 4-hours chart of the BCH/USD pair. The first major resistance is near the $110 level and the 55 simple moving average (4-hours).

On the upside, the next major resistance is near the $123 level. It is near the 23.6% Fib retracement level of the main drop from the $210 swing high to $97 low. Any more gains above $105 and $110 could set the pace for a move towards the $125 level.

If there is a move above the $125 resistance, the price could rise towards the $150 zone. It is near the 50% Fib retracement level of the main drop from the $210 swing high to $97 low.

An immediate support on the downside is near the $100 zone. The next major support is near the $97 level, below which the bears might gain strength. The next target for them may perhaps be near the $88 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $110 zone and the 55 simple moving average (4-hours). Overall, the price must clear $102 and $110 to start a fresh increase in the near term.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now near the 40 level.

Key Support Levels – $100 and $97.

Key Resistance Levels – $110 and $125.

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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