- Bitcoin cash price started a fresh decline from the $112 zone against the US Dollar.
- The price is now trading below the $105 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $103 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 $98 and $95 support levels.
Bitcoin cash price is declining from the $112 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 $111 and $112 resistance levels. BCH formed a high near $111.38 and started a fresh decline.
There was a clear move below the $110 and $105 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 $97.52 before there was an upside correction.
The price climbed above the 23.6% Fib retracement level of the downward wave from the $111.38 swing high to $97.52 low. However, the price is struggling to rise above the $102 zone and the 55 simple moving average (4-hours).
There is also a major bearish trend line forming with resistance near $103 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 $111.38 swing high to $97.52 low.
The main resistance sits near the $105 level. Any more gains above $103 and $105 could set the pace for a move towards the $112 level. If there is a move above the $112 resistance, the price could rise towards the $120 zone.
An immediate support on the downside is near the $98 zone. The next major support is near the $95 level, below which the bears might aim $88. The next target for them may perhaps be near the $80 level.
Looking at the chart, bitcoin cash price is now trading below the $105 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $98 and $95 support levels.
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 – $98 and $95.
Key Resistance Levels – $102 and $105.
