Bitcoin Cash Analysis: Risk of Fresh Drop To $100
Bitcoin cash price is declining below the $125 zone against the US Dollar, similar to Bitcoin. BCH/USD could extend losses if there is a close below $115.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $130 and $132 resistance levels. BCH formed a high near $136.18 and started a fresh decline.
There was a clear move below the $126.00 and $125.00 support levels. The pair even declined below the $120 support. It tested the $112 level. A low is formed near $111.66 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the key drop from the $136.18 swing high to the $111.66 low.
Besides, it is trading below the $120 zone and the 55 simple moving average (4 hours). Immediate resistance is near the $118.80 level. The next key resistance is near $120.
There is also a major bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair. The main resistance is now forming near $124 or the 50% Fib retracement level of the key drop from the $136.18 swing high to the $111.66 low.
Any more gains above $120 and $124 could set the pace for a move toward the $132 level. If there is a move above the $132 resistance, the price could rise toward the $136 zone.
If not, the price might continue lower below $115. Immediate support on the downside is near the $114 zone. The next major support is near the $112 level, below which the bears might aim for $100.
Bitcoin Cash Price
Looking at the chart, Bitcoin cash price is now trading below the $120 zone and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $120 resistance zone.
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 – $114 and $112.
Key Resistance Levels – $120 and $124.
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