- Bitcoin cash price started a fresh decline below the $200 zone against the US Dollar.
- The price is now trading near the $192 zone and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $210 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a fresh decline if it stays below the $210 resistance zone.
Bitcoin cash price is struggling below the $210 zone against the US Dollar, similar to Bitcoin. BCH/USD could restart its decline if it fails near $200 or $210.
Bitcoin Cash Price Analysis
Bitcoin cash price remained in a bearish zone below the $220 and $210 resistance levels. BCH traded below the $200 support level to move further into a bearish zone.
There was a clear move below the $180 zone. The bears were able to flush the price toward the $165 support. A low is formed near $164 and the price is now correcting losses. There was a move above the $175 and $180 resistance levels.
BCH is now trading near the $192 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $200 level. It is close to the 50% Fib retracement level of the downward move from the $236 swing high to the $164 low.
The next key resistance is near the $210 zone. There is also a major bearish trend line forming with resistance near $210 on the 4-hour chart of the BCH/USD pair.
The trend line is near the 61.8% Fib retracement level of the downward move from the $236 swing high to the $164 low. Any more gains above $210 could set the pace for a move toward the $235 level. If there is a move above the $235 resistance, the price could rise toward the $265 zone.
If not, the price might continue lower below $185. Immediate support on the downside is near the $180 zone. The next major support is near the $165 level, below which the bears might aim for $150 or even $145.
Looking at the chart, Bitcoin cash price is now trading near the $192 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $210 resistance zone.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $180 and $165.
Key Resistance Levels – $200 and $210.
