Bitcoin cash price declined heavily and traded below the 0 and 1 supports against the US Dollar.The price is currently correcting higher and it is trading above the 1 level.There is a major bearish trend line forming with resistance near 8 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).The pair must break the 8 and 0 resistance levels to continue higher in the near term.Bitcoin cash price is facing a strong resistance near 0 against the US Dollar. If BCH/USD fails to break the 0 hurdle, it could start a fresh decline below 0.Bitcoin Cash Price AnalysisEarlier this week, there was a nasty decline in bitcoin cash price below the 0 support against the US Dollar. Moreover, BCH price traded below the 1 support and the 55 simple moving average
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Guest User writes XRP Price Faces Potential Drop: Leading KOL Warns of Imminent Correction with TD Sequential Sell Signal!
Bilal Hassan writes Bitget Expands in South Africa with Callpay Integration
- Bitcoin cash price declined heavily and traded below the $220 and $211 supports against the US Dollar.
- The price is currently correcting higher and it is trading above the $211 level.
- There is a major bearish trend line forming with resistance near $218 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the $218 and $220 resistance levels to continue higher in the near term.
Bitcoin cash price is facing a strong resistance near $220 against the US Dollar. If BCH/USD fails to break the $220 hurdle, it could start a fresh decline below $210.
Bitcoin Cash Price Analysis
Earlier this week, there was a nasty decline in bitcoin cash price below the $220 support against the US Dollar. Moreover, BCH price traded below the $211 support and the 55 simple moving average (4-hours). It opened the doors for more losses below the $205 level.
Finally, the price traded below the $200 level and formed a low near the $197 level. Recently, it started an upside correction above the $200 and $205 levels. The price recovered above the 23.6% Fib retracement level of the recent decline from the $236 high to $197 swing low.
Moreover, the price climbed above the $211 level. However, bitcoin cash is facing a strong resistance near the $218 and $220 levels. There is also a major bearish trend line forming with resistance near $218 on the 4-hours chart of the BCH/USD pair.
More importantly, the 50% Fib retracement level of the recent decline from the $236 high to $197 swing low is acting as a strong resistance near $218. Therefore, an upside break above the $218 and $220 levels is needed for more gains in the near term.
If there is no upside break above $220 and the 55 simple moving average (4-hours), there could be a fresh decline. An immediate support is near the $211 level, below which the price could decline towards the $206 level. Any further losses may perhaps call for more losses towards the $200 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly facing many hurdles near the $218 and $220 levels. Therefore, it could either surge above the $220 level or start a fresh decline. On the upside, a clear break above the $220 barrier may perhaps push the price towards the $235 and $240 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering towards the 50 level.
Key Support Levels – $211 and $206.
Key Resistance Levels – $218 and $220.