HomeAltcoin NewsBitcoin Cash Analysis: Downside Break Below $100 Seems Real

Bitcoin Cash Analysis: Downside Break Below $100 Seems Real

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  • Bitcoin cash price started a fresh decline from the $105 zone against the US Dollar.
  • The price is now trading below the $102 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $100 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 $95 and $92 support levels.

Bitcoin cash price is declining from the $105 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $95.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $105 and $106 resistance levels. BCH formed a high near $103.70 and started a fresh decline.

There was a clear move below the $102.50 and $102.00 support levels. The bears even pushed the price below the $100 support and the 55 simple moving average (4-hours). It traded as low as $97.22 and is currently consolidating losses.

It is now trading below the $102 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $98.80 level. It is near the 23.6% Fib retracement level of the downward wave from the $103.70 swing high to $97.22 low.

There is also a key bearish trend line forming with resistance near $100 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the downward wave from the $103.70 swing high to $97.22 low.

The main resistance sits near the $104 level.  Any more gains above $104 and $105 could set the pace for a move towards the $110 level. If there is a move above the $110 resistance, the price could rise towards the $120 zone.

An immediate support on the downside is near the $97.50 zone. The next major support is near the $95 level, below which the bears might aim $85. The next target for them may perhaps be near the $80 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $102 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $95 and $92 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 – $95 and $92.

Key Resistance Levels – $100 and $102.

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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