- Bitcoin cash price started a fresh decline from the $118 zone against the US Dollar.
- The price is now trading below the $110 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $109 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it breaks the $106 and $105 support levels.
Bitcoin cash price is declining from the $118 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $105.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $118 and $120 resistance levels. BCH formed a high near $117.43 and started a fresh decline.
There was a clear move below the $112 and $110 support levels. The bears even pushed the price below the $110 support and the 55 simple moving average (4-hours). It traded as low as $102.26 before there was an upside correction.
The price climbed above the 50% Fib retracement level of the downward move from the $117.43 swing high to $102.26 low. However, the price is struggling to rise above the $110 zone and the 55 simple moving average (4-hours).
It failed near the 61.8% Fib retracement level of the downward move from the $117.43 swing high to $102.26 low. There is also a major bearish trend line forming with resistance near $109 on the 4-hours chart of the BCH/USD pair.
An immediate support on the downside is near the $107 zone. The next major support is near the $105 level, below which the bears might aim $100. The next target for them may perhaps be near the $90 level.
On the upside, an immediate resistance is near the $109 level or the 55 simple moving average (4-hours). The first major resistance is near the $112 level. The main resistance sits near the $120 level.
Any more gains above $118 and $120 could set the pace for a move towards the $132 level. If there is a move above the $132 resistance, the price could rise towards the $140 zone.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $110 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $106 and $105 support levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $105 and $100.
Key Resistance Levels – $110 and $112.
Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-bears-in-action-can-they-clear-the-100-support/