HomeAltcoin NewsBitcoin Cash Price Analysis: Bears In Control Below $120

Bitcoin Cash Price Analysis: Bears In Control Below $120

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  • Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
  • The price is now trading below the $120 zone and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could correct higher, but upsides might be limited above the $115 level.

Bitcoin cash price is declining from the $125 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 $125 and $130 resistance levels. BCH formed a high near $125.94 and started a fresh decline.

There was a clear move below the $122.00 and $120.00 support levels. The bears even pushed the price below the $115 support. The price tested the $106 support. A low is formed near $106.30 and the price is now consolidating losses.

It is now trading below the $120 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $111 level. It is near the 23.6% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.

The next key resistance is near $116. There is also a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.

The main resistance sits near the $120 level. Any more gains above $116 and $120 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 $130 zone.

If not, the price might continue lower below $106. An immediate support on the downside is near the $105 zone. The next major support is near the $100 level, below which the bears might aim $92. The next target for them may perhaps be near the $85 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $120 zone and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides might be limited above the $115 level.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.

Key Support Levels – $105 and $100.

Key Resistance Levels – $115 and $120.

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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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