Bitcoin cash price started a fresh decline below the 5 zone against the US Dollar. The price is now trading below the 5 zone and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near 0 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair could continue to move down if it stays below the 5 resistance zone. Bitcoin cash price is declining below the 5 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below 2. Bitcoin Cash Price Analysis Bitcoin cash price struggled to gain pace for a move above the 5 and 0 resistance levels. BCH formed a high near 5 and started a fresh decline. There was a clear move below the 5 and
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Bitcoin cash price started a fresh decline below the $265 zone against the US Dollar.
- The price is now trading below the $255 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $250 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $265 resistance zone.
Bitcoin cash price is declining below the $255 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $232.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $295 and $300 resistance levels. BCH formed a high near $295 and started a fresh decline.
There was a clear move below the $285 and $265 support levels. The pair even declined below the $250 support. It tested the $232 zone. A low is formed near $231.61 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $295.00 swing high to the $231.61 low.
Besides, it is trading below the $250 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $249.50 level. There is also a key bearish trend line forming with resistance near $250 on the 4-hour chart of the BCH/USD pair.
The next key resistance is near $265 and the 50% Fib retracement level of the recent decline from the $295.00 swing high to the $231.61 low. Any more gains above $115 could set the pace for a move toward the $280 level.
If there is a move above the $280 resistance, the price could rise toward the $295 zone. If not, the price might continue lower below $240. Immediate support on the downside is near the $235 zone. The next major support is near the $232 level, below which the bears might aim for $220.
Looking at the chart, Bitcoin cash price is now trading below the $255 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $265 resistance zone.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $240 and $232.
Key Resistance Levels – $255 and $265.