- 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 major bearish trend line forming with resistance near $124 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of more losses below the $112 and $110 support levels.
Bitcoin cash price is moving lower below $130 against the US Dollar, similar to bitcoin. BCH/USD could slide further towards the $100 level in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $138 and $140 resistance levels. BCH formed a high near $139 and started a fresh decline.
There was a clear move below the $135 and $130 support levels. The bears pushed the price the $125 zone and the 55 simple moving average (4-hours). The declined gained pace below the $120 level. Finally, the price traded as low as $110.81.
It is now consolidating and struggling below the $120 level. On the upside, an immediate resistance is near the $118 level. It is near the 23.6% Fib retracement level of the downward move from the $139 swing high to $111 low.
The first major resistance is near the $120 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $124 on the 4-hours chart of the BCH/USD pair.
The main resistance sits near the $125 level. It is near the 50% Fib retracement level of the downward move from the $139 swing high to $111 low. Any more gains above $124 and $125 could set the pace for a move towards the $130 level.
If there is a move above the $130 resistance, the price could rise towards the $140 zone. An immediate support on the downside is near the $112 zone.
The next major support is near the $110 level, below which the bears might aim $105. 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 remains at a risk of more losses below the $112 and $110 support levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.
Key Support Levels – $112 and $110.
Key Resistance Levels – $125 and $130.
