Bitcoin cash price started a fresh decline from well above the 0 support against the US Dollar.The price is now trading below the 0 level and the 55 simple moving average (4-hours).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 Coinbase).The pair remains at a risk of more losses if there is a break below the 4 support zone.Bitcoin cash price is facing an increase in selling below 0 against the US Dollar, similar to bitcoin. BCH/USD is likely to decline heavily if it breaks the 4 support zoneBitcoin Cash Price AnalysisAfter facing a strong resistance near the 0 level, bitcoin cash price started a fresh decline. BCH price broke many supports near the 0 and 0 levels to move into a bearish
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Bitcoin cash price started a fresh decline from well above the $280 support against the US Dollar.
- The price is now trading below the $270 level and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $268 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair remains at a risk of more losses if there is a break below the $254 support zone.
Bitcoin cash price is facing an increase in selling below $280 against the US Dollar, similar to bitcoin. BCH/USD is likely to decline heavily if it breaks the $254 support zone
Bitcoin Cash Price Analysis
After facing a strong resistance near the $320 level, bitcoin cash price started a fresh decline. BCH price broke many supports near the $300 and $280 levels to move into a bearish zone.
The last swing high was formed near $291 before the price traded below the $280 support. The price even broke the $270 level and settled well below the 55 simple moving average (4-hours). It retested the $254 support zone and currently consolidating losses.
It traded above the 23.6% Fib retracement level of the recent decline from the $291 swing high to $254 low. However, the price is facing many hurdles near $268 and $270. There is also a major bearish trend line forming with resistance near $268 on the 4-hours chart of the BCH/USD pair.
The first key resistance is near the $272 level. It is close to the 50% Fib retracement level of the recent decline from the $291 swing high to $254 low.
The main breakout resistance could be $280 and the 55 simple moving average (4-hours). A clear break above the trend line and then a close above the $280 level could open the doors for a strong increase towards $300 and $320.
Conversely, there could be a downside break below the $255 and $254 support levels. The next key support is near the $243 level, below which bitcoin cash price is likely to retest the $230 support.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly trading near a crucial support zone at $254. Overall, the price remains at a risk of more losses if there is a break below the $254 support zone.
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 currently well below the 50 level.
Key Support Levels – $254 and $243.
Key Resistance Levels – $270 and $280.