33.5 C
Dubai
Friday, May 24, 2024
HomeAltcoin NewsBitcoin Cash Analysis: Nosedives, Bears Aim $150

Bitcoin Cash Analysis: Nosedives, Bears Aim $150

Date:

Related stories

  • 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.

Bitcoin Cash Price
Bitcoin Cash Price

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.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories