- Bitcoin cash price started a fresh decline below the $550 zone against the US Dollar.
- The price is now trading below the $540 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $507 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $522 resistance zone.
Bitcoin cash price is struggling below the $540 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $507 or $512.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue higher above the $570 resistance zone. BCH formed a short-term top near $570 before it started a fresh decline. There was a drop below the $540 and $530 support levels.
It even declined below the $465 support level. The price tested the $450 support. A low was formed near the $444.50 level and the price started a consolidation phase. Bitcoin cash is now trading below the $525 zone and the 55 simple moving average (4 hours).
Recently, there was a recovery wave above the $500 level. The price cleared the 50% Fib retracement level of the downward move from the $570 swing high to the $445 low.
However, the price failed to surpass the $520 resistance. It struggled near the 61.8% Fib retracement level of the downward move from the $570 swing high to the $445 low. There is also a key bearish trend line forming with resistance near $507 on the 4-hour chart of the BCH/USD pair.
The next major resistance is near the $512 level. Any more gains above $512 could set the pace for a move toward the $525 level. If there is a move above the $525 resistance, the price could rise toward the $550 zone. If not, the price might continue lower below $465.
Immediate support on the downside is near the $460 zone. The next major support is near the $445 level, below which the bears might aim for $425 or even $400.
Looking at the chart, Bitcoin cash price is now trading below the $520 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $520 resistance zone.
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 below the 50 level.
Key Support Levels – $465 and $445.
Key Resistance Levels – $507 and $525.
