Bitcoin cash price started a fresh decline from the 5 resistance against the US Dollar.The price broke the 5 support and revisited the 5 support zone.There is a major bearish trend line forming with resistance near 1 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair remains at a risk of more downsides if there is a daily close below the 5 support.Bitcoin cash price is trading in a bearish zone and testing the 5 support against the US Dollar. BCH/USD must move above the 0 resistance to avoid more losses below 5.Bitcoin Cash Price AnalysisIn the past few days, bitcoin cash price made a few attempts to clear the 5 and 0 resistance levels against the US Dollar. However, BCH failed and started a fresh decline from the 5 resistance.It
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Bitcoin cash price started a fresh decline from the $245 resistance against the US Dollar.
- The price broke the $235 support and revisited the $225 support zone.
- There is a major bearish trend line forming with resistance near $241 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of more downsides if there is a daily close below the $225 support.
Bitcoin cash price is trading in a bearish zone and testing the $225 support against the US Dollar. BCH/USD must move above the $240 resistance to avoid more losses below $225.
Bitcoin Cash Price Analysis
In the past few days, bitcoin cash price made a few attempts to clear the $245 and $250 resistance levels against the US Dollar. However, BCH failed and started a fresh decline from the $245 resistance.
It broke the $235 support and the 55 simple moving average (4-hours). It revisited the $225 support zone and traded as low as $226. The price is currently consolidating losses above the $225 support zone and it seems to be preparing for the next move.
An initial resistance is near the $235 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $245 high to $226 low.
Moreover, there is a major bearish trend line forming with resistance near $241 on the 4-hours chart of the BCH/USD pair. The trend line is close to the 76.4% Fib retracement level of the recent decline from the $245 high to $226 low.
Therefore, bitcoin cash price must break the $235 and $240 resistance levels to start a steady increase. The main hurdles are still near $245 and $250, above which the price could turn bullish.
Conversely, the price is likely to continue lower below the $225 support level. A successful daily close below the $225 support could open the doors for a push towards the $212 and $210 levels.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly trading near a crucial juncture with support near the $225 level. It could either start a decent recovery above the $235 and $240 resistance levels or it might dive below the $225 support.
Technical indicators
4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now just above the 40 level.
Key Support Levels – $225 and $220.
Key Resistance Levels – $235 and $240.