- Bitcoin cash price started a fresh decline from the $345 resistance against the US Dollar.
- The price is now trading below the $310 zone and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $310 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to recover if there is a clear move above the $310 resistance zone in the near term.
Bitcoin cash price is struggling below $310 against the US Dollar, similar to bitcoin. BCH/USD must stay above $280 to avoid more downsides in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price attempted an upside break above the $345 and $350 resistance levels. However, BCH struggled near the $350 zone and formed a high near $345.
The price started a fresh decline below the $320 support level. There was a clear move below the $300 support level and the 55 simple moving average (4-hours). The price even tested the $260 support zone. A low was formed near $260 and the price is now correcting losses.
There was a recovery wave above the $280 and $285 resistance levels. BCH climbed above the 23.6% Fib retracement level of the key decline from the $345 swing high to $259 low.
However, it is now facing resistance near the $310 resistance and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $310 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the key decline from the $345 swing high to $259 low.
The next major resistance is near the $318 level. A clear break above $318 and $320 might start a fresh increase. In the stated case, the price could rise towards the $350 level.
If not, it could start a fresh decline below $295. The next major support is near the $280 level, below which the bears gain strength. The next target for them may perhaps be near the $260 level.
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 $310 resistance zone in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.
Key Support Levels – $280 and $260.
Key Resistance Levels – $310 and $320.
