HomeAltcoin NewsBitcoin Cash Analysis: Risk of More Losses Below $102

Bitcoin Cash Analysis: Risk of More Losses Below $102

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  • Bitcoin cash price started a fresh decline from the $112 zone against the US Dollar.
  • The price is now trading below the $112 zone and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $108 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a recovery wave if there is a clear move above the $110 and $112 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 $105.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $112 and $115 resistance levels. BCH formed a high near $112 and started a fresh decline.

There was a clear move below the $110 and $108 support levels. There was a clear move below the 50% Fib retracement level of the upward move from the $102 swing low to $112 high. The price is now trading below the $112 zone and the 55 simple moving average (4-hours).

An immediate support on the downside is near the $105 zone. It is near the 61.8% Fib retracement level of the upward move from the $102 swing low to $112 high. The next major support is near the $102 level, below which the bears might aim $100.

The next target for them may perhaps be near the $95 level. On the upside, an immediate resistance is near the $108 level. There is also a major bearish trend line forming with resistance near $108 on the 4-hours chart of the BCH/USD pair.

The first major resistance is near the $112 level. The main resistance sits near the $115 level. Any more gains above $112 and $115 could set the pace for a move towards the $125 level. If there is a move above the $125 resistance, the price could rise towards the $140 zone.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $112 zone and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a clear move above the $110 and $112 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 below the 50 level.

Key Support Levels – $105 and $102.

Key Resistance Levels – $108 and $112.

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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.

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