- Bitcoin cash price started a fresh decline from the $140 zone against the US Dollar.
- The price is now trading below the $130 zone and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $129 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 $130 level.
Bitcoin cash price is declining from the $140 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $120.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $139 and $140 resistance levels. BCH formed a high near $138.18 and started a fresh decline.
There was a clear move below the $136.00 and $135.00 support levels. The bears even pushed the price below the $130 support. The price tested the $120 support. A low is formed near $119.79 and the price is now consolidating losses.
There was a move above the 23.6% Fib retracement level of the recent decline from the $138.18 swing high to $119.79 low. It is now trading below the $130 zone and the 55 simple moving average (4-hours).
An immediate resistance is near the $128 level. The next key resistance is near $129. There is also a key bearish trend line forming with resistance near $129 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 $138.18 swing high to $119.79 low.
The main resistance sits near the $130 level. Any more gains above $129 and $130 could set the pace for a move towards the $138 level. If there is a move above the $138 resistance, the price could rise towards the $142 zone.
If not, the price might continue lower below $122. An immediate support on the downside is near the $120 zone. The next major support is near the $115 level, below which the bears might aim $108. The next target for them may perhaps be near the $100 level.
Looking at the chart, bitcoin cash price is now trading below the $130 zone and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides might be limited above the $130 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 – $122 and $120.
Key Resistance Levels – $129 and $130.
