Analytics

Bitcoin Cash Analysis: Bears In Action, Can They Clear The $100 Support?

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  • 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

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