- Bitcoin cash price started a fresh decline below the $120 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 short-term rising channel forming with support at $112.80 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 $118 resistance zone.
Bitcoin cash price is declining below the $120 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $110.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $124 and $124 resistance levels. BCH formed a high near $123.94 and started a fresh decline.
There was a clear move below the $122.00 and $120.00 support levels. The pair even declined below the $115 support. It tested the $110 level. A low is formed near $110.16 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $123.94 swing high to the $110.16 low.
Besides, it is trading below the $120 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $117.00 level and the 55 simple moving average (4 hours).
The 50% Fib retracement level of the recent decline from the $123.94 swing high to the $110.16 low is also near $117. The next key resistance is near $120. Any more gains above $117 and $120 could set the pace for a move toward the $125 level.
If there is a move above the $125 resistance, the price could rise toward the $132 zone. If not, the price might continue lower below $110. Immediate support on the downside is near the $108 zone. The next major support is near the $100 level, below which the bears might aim for $92.
Looking at the chart, Bitcoin cash price is now trading below the $118 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $118 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 – $110 and $108.
Key Resistance Levels – $118 and $120.
