Summary
- Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
- There is a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair.
- The bulls need to break the $120 and $125 resistance levels for a strong rally.
Bitcoin Cash Price Analysis
Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar. The price is now trading below the $120 zone and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair could correct higher, but upsides might be limited above the $115 level.
Resistance Levels
An immediate resistance is near the $111 level. It is near the 23.6% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low. The next key resistance is near $116 which is also close to 50% Fib retracement level of recent decline from swing high at 125.94 to 106.30 low. The main resistance sits near the $120 level. Any more gains above these levels could set up for an uptrend towards 125 dollars or even 130 dollars in future days.
Support Levels
If bitcoin cash fails to move above these resistances, then it can go back below 106 dollars again in coming days as bears are still in control below 120 dollars. There will be an immediate support on downside at 105 dollars and next major support will be around 100 dollar mark if bears manage to breach it then 92 dollars can come into play afterwards 85 dollar mark can act as strong support for BTC cash prices in long run depending upon market conditions around that time period too..
Indicators Status
Bitcoin Cash Price Looking at chart, bitcoin cash price is now trading below 120 dollar mark and 55 day Simple Moving Average (4 hours). Overall, price could correct higher but upside might be limited just above 115 dollar mark according to current market conditions as per technical indicators like MACD & RSI etc.. 4 hours MACD – The MACD for BCH/USD showing positive signs in bearish zone indicating potential recovery soon after current dip in prices 4 hours RSI (Relative Strength Index) – The RSI for BCH/USD currently lies at 50 indicating neutral momentum between bulls & bears currently prevailing in market sentiments .