- Bitcoin cash price started a fresh decline from the $344 resistance against the US Dollar.
- The price is now trading below the $310 zone and the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle with support near $315 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if there is a break below the $300 support in the near term.
Bitcoin cash price is struggling below $310 against the US Dollar, similar to bitcoin. BCH/USD must stay above $3000 to avoid more downsides in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price attempted an upside break above the $344 and $345 resistance levels. However, BCH struggled near the $345 zone and formed a high near $344.
The price started a fresh decline below the $325 support level. There was a clear move below the $310 support level and the 55 simple moving average (4-hours). Besides, there was a break below a key contracting triangle with support near $315 on the 4-hours chart of the BCH/USD pair.
The pair settled below the 23.6% Fib retracement level of the upward move from the $259 swing low $344 high. It is now consolidating near the $300 support zone.
The 50% Fib retracement level of the upward move from the $259 swing low $344 high is also near $300. The next major support is near the $290 level, below which the bears gain strength. The next target for them may perhaps be near the $260 level.
On the upside, the price is now facing resistance near the $310 resistance and the 55 simple moving average (4-hours). The next major resistance is near the $320 level.
A clear break above $318 and $320 might start a fresh increase. In the stated case, the price could rise towards the $345 resistance zone.
Looking at the chart, bitcoin cash price is now trading below the $310 zone and the 55 simple moving average (4-hours). Overall, the price could continue to recover if there is a clear move above the $300 resistance zone in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Key Support Levels – $300 and $290.
Key Resistance Levels – $310 and $320.
