Bitcoin cash price started a fresh decline from the 0 zone against the US Dollar. The price is now trading below the 0 zone and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near 5 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 struggling below the 0 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near 5 or 0. Bitcoin Cash Price Analysis Bitcoin cash price struggled to continue higher above the 0 resistance zone. BCH formed a short-term top near 0 before it started a fresh decline. There was a drop below the 0 and 0
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes European Banking Giant BNP Paribas Reports Exposure to Bitcoin ETF
Mayowa Adebajo writes Senator Lummis Challenges Government’s Stance on Crypto
Bhushan Akolkar writes Ethereum Network Growth Hits One-Year High, ETH Price to Follow Soon?
Godfrey Benjamin writes Top Solana Developer Shares Key Network Update
- Bitcoin cash price started a fresh decline from the $570 zone against the US Dollar.
- The price is now trading below the $550 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $505 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 $525 resistance zone.
Bitcoin cash price is struggling below the $550 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $525 or $540.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue higher above the $570 resistance zone. BCH formed a short-term top near $570 before it started a fresh decline. There was a drop below the $550 and $540 support levels.
It even declined below the $500 support level. The price tested the $445 support. A low was formed near the $444.49 level and the price is now consolidating losses. Bitcoin cash is now trading below the $540 zone and the 55 simple moving average (4 hours).
If there is a fresh increase, it could face resistance near the $475 level. It is close to the 23.6% Fib retracement level of the downward move from the $569 swing high to the $444 low.
There is also a key bearish trend line forming with resistance near $505 on the 4-hour chart of the BCH/USD pair. It is close to the 50% Fib retracement level of the downward move from the $569 swing high to the $444 low. The next major resistance is near the $525 level.
Any more gains above $525 could set the pace for a move toward the $540 level. If there is a move above the $540 resistance, the price could rise toward the $570 zone. If not, the price might continue lower below $450.
Immediate support on the downside is near the $445 zone. The next major support is near the $422 level, below which the bears might aim for $405 or even $400.
Looking at the chart, Bitcoin cash price is now trading below the $520 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $525 resistance zone.
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 – $445 and $420.
Key Resistance Levels – $505 and $525.