- Bitcoin cash price started a fresh decline from the $250 resistance against the US Dollar.
- The price is now trading below the $225 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $225 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair might start a major increase if there is a clear move above the $225 resistance.
Bitcoin cash price is struggling below $225 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $225.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $250 and $255. However, BCH failed to gain pace and started a fresh decline below the $225 level.
There was a move below the $200 level and the 55 simple moving average (4-hours). The price even traded below the $180 support and formed a low near $150. It is now correcting losses above the $160 level. There was a move above the 50% Fib retracement level of the recent decline from the $250 swing high to $150 low.
On the upside, the price is now facing resistance near the $225 level. There is also a major bearish trend line forming with resistance near $225 on the 4-hours chart of the BCH/USD pair.
The trend line is near the 76.4% Fib retracement level of the recent decline from the $250 swing high to $150 low. The next major resistance is near the $250 level or the 55 simple moving average (4-hours). A clear break above $250 and $255 might send the price towards the $300 barrier.
Any more gains above $300 could set the pace for a larger increase. The next major hurdle is near the $320 level. An immediate support on the downside is near the $200 zone.
The next major support is near the $180 level, below which the bears might gain strength. The next target for them may perhaps be near the $150 level.
Looking at the chart, bitcoin cash price is now trading below the $225 zone and the 55 simple moving average (4-hours). Overall, the price might start a major increase if there is a clear move above the $225 resistance.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now near the 50 level.
Key Support Levels – $200 and $180.
Key Resistance Levels – $225 and $250.
