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 $95.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $125 and $126 resistance levels. BCH formed a high near $126 and started a fresh decline.
There was a clear move below the $115 and $105 support levels. Besides, there was a break below a major bullish trend line with support near $115 on the 4-hours chart of the BCH/USD pair. The bears even pushed the price below the $100 support and the 55 simple moving average (4-hours). It traded as low as $87 and recently started a short-term upside correction.
There was a move above the $92 and $95 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $126 swing high to $87 low. On the upside, an immediate resistance is near the $104 level or $105.
The first major resistance is near the $107 level. It is near the 50% Fib retracement level of the downward move from the $126 swing high to $87 low.
The main resistance sits near the $110 level. Any more gains above $107 and $110 could set the pace for a move towards the $120 level. If there is a move above the $120 resistance, the price could rise towards the $125 zone.
An immediate support on the downside is near the $98 zone. The next major support is near the $95 level, below which the bears might aim $87. The next target for them may perhaps be near the $80 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $115 zone and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a clear move above the $105 and $110 levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $98 and $95.
Key Resistance Levels – $105 and $110.
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