Key Points
- Bitcoin cash price remained under pressure below the 0 and 0 resistances against the US Dollar.
- There is a major bearish trend line in place with resistance at 6 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair could rise in the short term towards the 0 or 0 resistance levels.
Bitcoin cash price is moving lower towards 5 against the US Dollar. BCH/USD may soon gain traction to recover back towards the range resistance.
Bitcoin Cash Price Analysis
This past week, there was a slow and steady decline from the 2 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair made many attempts to recover above 0, but it failed. As a result, the price declined below the 0 support and the 100 simple moving average (4-hours). It traded as low as 1 and it is currently consolidating losses.
On the upside, an initial resistance is near the 5-436 zone. It is close to the 23.6% Fib retracement level of the recent decline from the 2 high to 1 low. More importantly, there is a major bearish trend line in place with resistance at 6 on the 4-hours chart of the BCH/USD pair. Above the trend line, the price could move towards the 0 level and the 100 simple moving average (4-hours). The next resistance may be the 50% Fib retracement level of the recent decline from the 2 high to 1 low at 2. The most important resistance is near the 0 level, which prevented gains on many occasions.
Looking at the chart, BCH price could recover above 6 and 0 in the near term. If it fails, there could be a downside reaction towards 5 or 0.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving just above the 40 level.
Major Support Level – 0
Major Resistance Level – 0
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