- Bitcoin cash price started a fresh decline below the $220 zone against the US Dollar.
- The price is now trading below the $200 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $220 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $200 resistance zone.
Bitcoin cash price is declining below the $200 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $165.
Bitcoin Cash Price Analysis
Bitcoin cash price remained in a bearish zone below the $240 and $235 resistance levels. BCH traded below the $220 support level to move further into a bearish zone.
There was a clear move below the $200 zone. The bears were able to flush the price toward the $165 support. A low is formed near $164 and the price is now consolidating losses. Immediate resistance is near the $200 level. It is close to the 50% Fib retracement level of the downward move from the $237 swing high to the $164 low.
The next key resistance is near the $220 zone and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $220 on the 4-hour chart of the BCH/USD pair.
The trend line is near the 76.4% Fib retracement level of the downward move from the $237 swing high to the $164 low. Any more gains above $220 could set the pace for a move toward the $240 level. If there is a move above the $240 resistance, the price could rise toward the $250 zone.
If not, the price might continue lower below $170. Immediate support on the downside is near the $165 zone. The next major support is near the $162 level, below which the bears might aim for $150 or even $145.
Looking at the chart, Bitcoin cash price is now trading below the $220 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $200 resistance zone.
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 – $165 and $150.
Key Resistance Levels – $200 and $220.
