- Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
- The price is now trading below the $120 zone and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could correct higher, but upsides might be limited above the $115 level.
Bitcoin cash price is declining from the $125 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 $125 and $130 resistance levels. BCH formed a high near $125.94 and started a fresh decline.
There was a clear move below the $122.00 and $120.00 support levels. The bears even pushed the price below the $115 support. The price tested the $106 support. A low is formed near $106.30 and the price is now consolidating losses.
It is now trading below the $120 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $111 level. It is near the 23.6% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.
The next key resistance is near $116. There is also a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.
The main resistance sits near the $120 level. Any more gains above $116 and $120 could set the pace for a move towards the $125 level. If there is a move above the $125 resistance, the price could rise towards the $130 zone.
If not, the price might continue lower below $106. An immediate support on the downside is near the $105 zone. The next major support is near the $100 level, below which the bears might aim $92. The next target for them may perhaps be near the $85 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $120 zone and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides might be limited above the $115 level.
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 near the 50 level.
Key Support Levels – $105 and $100.
Key Resistance Levels – $115 and $120.
Source: https://www.livebitcoinnews.com/bitcoin-cash-price-analysis-bears-in-control-below-120/