Bitcoin Cash Analysis: Decline Could Extend To $110

Bitcoin cash price is declining from the $142 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $126.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $142 and $145 resistance levels. BCH formed a high near $143.12 and started a fresh decline.

There was a clear move below the $138.00 and $135.00 support levels. There was a break below a key bullish trend line with support near $135 on the 4-hours chart of the BCH/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $116 swing low to $143 high.

The bears even pushed the price below the $130 support and the 55 simple moving average (4-hours). It is now trading near the 61.8% Fib retracement level of the upward move from the $116 swing low to $143 high.

An immediate support on the downside is near the $126 zone. The next major support is near the $122 level, below which the bears might aim $115. The next target for them may perhaps be near the $110 level. An immediate resistance is near the $130 level.

The main resistance sits near the $135 level and the 55 simple moving average (4-hours).  Any more gains above $132 and $135 could set the pace for a move towards the $140 level. If there is a move above the $140 resistance, the price could rise towards the $150 zone.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $135 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $126 and $122 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 – $126 and $122.

Key Resistance Levels – $132 and $135.

Source: Read Full Article