HomeAltcoin NewsBitcoin Cash (BCH) Dead Below $100, More Losses Possible

Bitcoin Cash (BCH) Dead Below $100, More Losses Possible

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Key Points

  • Bitcoin cash price tumbled heavily below the $150 and $100 support levels against the US Dollar.
  • There is a significant bearish trend line formed with resistance at $110 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair seems to be struggling below $100 and it could decline further below $80 and $75.

Bitcoin cash price settled below the key $100 support against the US Dollar. BCH may slide further towards $75 if bitcoin breaks the $3,200 support.

Bitcoin Cash Price Analysis

The past few weeks were pretty bearish for bitcoin cash price below the $150 support against the US Dollar. The BCH/USD pair tumbled and broke the $125, $110 and $100 support levels. There was a close below the $100 pivot and the 55 simple moving average (4-hours). A new multi month low was formed at $82 and it seems like the current decline is not over yet.

Recently bitcoin, Ethereum, ripple, litecoin and eos also faced a sharp increase in selling pressure. However, BCH was one of the worst performers as it settled below $100. An initial resistance is near the $95 level. Above $95, the 23.6% Fib retracement level of the last drop from the $145 high to $82 low is at $97. More importantly, there is a significant bearish trend line formed with resistance at $110 on the 4-hours chart of the BCH/USD pair. A successful close above the trend line and $100 could push the price towards the $115 resistance. It is the 50% Fib retracement level of the last drop from the $145 high to $82 low.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price remains in a significant downtrend below $100 and $110. If sellers remain in action, there could be a sharp drop below $82, $80 and even $75.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 30 level.

Key Support Level – $80

Key Resistance Level – $100

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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