- Bitcoin cash price started a fresh decline from the $155 zone against the US Dollar.
- The price is now trading near the $135 zone and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $140 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it breaks the $136 and $132 support levels.
Bitcoin cash price is declining from the $155 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $132.
Bitcoin Cash Price Analysis
Bitcoin cash price was able to gain pace for a move above the $135 and $140 resistance levels. BCH even traded above the $150 level before the bears appeared.
A high was formed near $154 before the price started a fresh decline. There was a clear move below the $145 and $142 support levels. The pair traded below the 23.6% Fib retracement level of the upward move from the $119 swing low to $155 high.
The bears even pushed the price below the $140 support. It is now now trading near the $135 zone and the 55 simple moving average (4-hours).
An immediate resistance is near the $139 level. The main resistance sits near the $140 level. There is also a key bearish trend line forming with resistance near $140 on the 4-hours chart of the BCH/USD pair. Any more gains above $140 could set the pace for a move towards the $150 level.
If there is a move above the $150 resistance, the price could rise towards the $155 zone. If not, the price might continue lower below $136 and the 50% Fib retracement level of the upward move from the $119 swing low to $155 high.
An immediate support on the downside is near the $134 zone. The next major support is near the $132 level, below which the bears might aim $125. The next target for them may perhaps be near the $120 level.
Looking at the chart, bitcoin cash price is now trading near the $135 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $136 and $132 support levels.
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 – $136 and $132.
Key Resistance Levels – $140 and $150.
