Risk of Downside Break Below $170 –admin
- Bitcoin cash price started a fresh decline from the $200 resistance against the US Dollar.
- The price is now trading below the $180 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $178 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $180 and $190 to start a fresh increase in the near term.
Bitcoin cash price is struggling below $190 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $180.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $200 and $205. However, BCH failed to gain pace and started a fresh decline below the $190 level.
There was a move below the $185 level and the 55 simple moving average (4-hours). The price even traded below the $180 support and formed a low near $170. It is now consolidating losses above the $175 level. An immediate resistance is near the $178 and $180 levels.
There is also a major bearish trend line forming with resistance near $178 on the 4-hours chart of the BCH/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $210 swing high to $170 low.
On the upside, the next major resistance is near the $190 level. It is near the 50% Fib retracement level of the recent decline from the $210 swing high to $170 low. The main hurdle sits near the $200 level.
A clear break above $190 and $200 might send the price towards the $220 barrier. Any more gains above $220 could set the pace for a larger increase.
An immediate support on the downside is near the $172 zone. The next major support is near the $170 level, below which the bears might gain strength. The next target for them may perhaps be near the $150 level.
Looking at the chart, bitcoin cash price is now trading below the $185 zone and the 55 simple moving average (4-hours). Overall, the price must clear $180 and $190 to start a fresh increase in the near term.
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 now below the 50 level.
Key Support Levels – $172 and $170.
Key Resistance Levels – $190 and $200.