Bitcoin cash price is struggling below $150 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $150.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $180 and $200. However, BCH failed to gain pace and started a fresh decline below the $160 level.
There was a move below the $150 level and the 55 simple moving average (4-hours). The price even traded below the $140 support and formed a low near $107. It is now consolidating losses above the $105 level. An immediate resistance is near the $115 and $118 levels.
The first major resistance is near the $130 level. It is close to the 23.6% Fib retracement level of the recent decline from the $210 swing high to $107 low.
There is also a major bearish trend line forming with resistance near $140 on the 4-hours chart of the BCH/USD pair. On the upside, the next major resistance is near the $150 level. It is near the 50% Fib retracement level of the recent decline from the $210 swing high to $107 low.
The main hurdle sits near the $158 level. A clear break above $150 and $158 might send the price towards the $220 barrier. Any more gains above $158 could set the pace for a larger increase.
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 gain strength. 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 $150 zone and the 55 simple moving average (4-hours). Overall, the price must clear $150 and $160 to start a fresh increase in the near term.
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 below the 40 level.
Key Support Levels – $105 and $100.
Key Resistance Levels – $130 and $140.
Source: Read Full Article