HomeAltcoin NewsBitcoin Cash Analysis: Can Bulls Overcome Selling Pressure?

Bitcoin Cash Analysis: Can Bulls Overcome Selling Pressure?

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  • Bitcoin cash price remained in a bearish zone below the $500 resistance against the US Dollar.
  • The price is now trading below the $475 support and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $472 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a decent increase if it clears the $472 and $475 resistance levels.

Bitcoin cash price is struggling to move higher above $475 against the US Dollar, similar to bitcoin. BCH/USD must stay above $445 and $430 to start a fresh increase.

Bitcoin Cash Price Analysis

After struggling to stay above the $500 level, bitcoin cash price started a fresh decline. BCH broke the $475 and $470 support levels to move into a bearish zone.

There was a clear downside break below the $465 and $450 support levels. The pair tested the $445 level and recently formed a support base. The recent low was formed near $443 and the price is now consolidating losses.

It broke the 23.6% Fib retracement level of the recent decline from the $509 swing high to $443 low. An initial resistance is near the $470 level. The first major resistance is near the $475 level. There is also a key bearish trend line forming with resistance near $472 on the 4-hours chart of the BCH/USD pair.

The trend line is close to the 50% Fib retracement level of the recent decline from the $509 swing high to $443 low. To move into a positive zone, the price must break $475. The next major resistance is near the $500 level.

An immediate support on the downside is near the $445 level. A downside break below the $445 support zone could open the doors for a larger decline. The next major support is near the $430 level, below which the price may even test $400.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is showing bearish signs below $475 and the 55 simple moving average (4-hours). Overall, the price could start a decent increase if it clears the $472 and $475 resistance levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 45 level.

Key Support Levels – $445 and $430.

Key Resistance Levels – $475 and $500.

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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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