- Bitcoin cash price started a fresh decline from the $150 resistance against the US Dollar.
- The price is now trading above the $115 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $126 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $126 and $130 to start a fresh increase in the near term.
Bitcoin cash price is struggling below $130 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $130.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $130 and $140. However, BCH failed to gain pace and started a fresh decline below the $125 level.
There was a move below the $120 level and the 55 simple moving average (4-hours). The price even traded below the $110 support and formed a low near $107. It is now consolidating losses above the $110 level. An immediate resistance is near the $118 and $120 levels.
The first major resistance is near the $126 level. There is also a major bearish trend line forming with resistance near $126 on the 4-hours chart of the BCH/USD pair.
The trend line is near the 23.6% Fib retracement level of the recent decline from the $210 swing high to $107 low. On the upside, the next major resistance is near the $158 level. It is near the 50% Fib retracement level of the recent decline from the $210 swing high to $107 low.
Any more gains above $150 and $158 could set the pace for a move towards the $180 level. An immediate support on the downside is near the $110 zone. The next major support is near the $107 level, below which the bears might gain strength. The next target for them may perhaps be near the $100 level.
Looking at the chart, bitcoin cash price is now trading just above the $115 zone and the 55 simple moving average (4-hours). Overall, the price must clear $126 and $130 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 40 level.
Key Support Levels – $110 and $100.
Key Resistance Levels – $126 and $130.
