- Bitcoin cash price started a fresh decline from the $220 resistance against the US Dollar.
- The price is now trading below the $200 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $188 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair might start a decent increase if there is a clear move above the $215 resistance.
Bitcoin cash price is struggling below $215 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $215.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $220 and $225. However, BCH failed to gain pace and started a fresh decline below the $205 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 $172. It is now consolidating losses above the $175 level. On the upside, the price is now facing resistance near the $185 level.
There is also a major bearish trend line forming with resistance near $188 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 $236 swing high to $172 low.
The next major resistance is near the $205 level. It is near the 50% Fib retracement level of the recent decline from the $236 swing high to $172 low. The main hurdle sits near the $215 level. A clear break above $205 and $215 might send the price towards the $240 barrier.
Any more gains above $240 could set the pace for a larger increase. The next major hurdle is near the $260 level. An immediate support on the downside is near the $172 zone.
The next major support is near the $166 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 $215 zone and the 55 simple moving average (4-hours). Overall, the price might start a decent increase if there is a clear move above the $215 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 40 level.
Key Support Levels – $172 and $166.
Key Resistance Levels – $205 and $215.
