- Bitcoin cash price started a fresh decline from the $300 resistance against the US Dollar.
- The price is now trading below the $280 zone and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $281 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of a downside break below the $270 support zone in the near term.
Bitcoin cash price is struggling below $300 against the US Dollar, similar to bitcoin. BCH/USD could extend losses if there is a clear move below $270.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $300 and $302. However, BCH failed to gain pace and started a fresh decline below the $290 level.
There was a move below the $285 level and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $281 on the 4-hours chart of the BCH/USD pair. The price even traded below the $280 support and formed a low near $272. It is now consolidating losses near the $275 level.
On the upside, the price is now facing resistance near the $280 level. The 23.6% Fib retracement level of the recent decline from the $302 swing high to $272 low is also near the $280 level.
The next major resistance is near the $288 level or the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $302 swing high to $272 low is also near $288. A clear break above $288 and $290 might send the price towards the $300 barrier.
Any more gains above $300 could set the pace for a larger increase. The next major hurdle is near the $320 level. An immediate support on the downside is near the $272 zone.
The next major support is near the $270 level, below which the bears might gain strength. The next target for them may perhaps be near the $250 level.
Looking at the chart, bitcoin cash price is now trading below the $300 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of a downside break below the $270 support zone in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing 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 – $270 and $250.
Key Resistance Levels – $288 and $300.
