Key Points
- Bitcoin cash price remained under pressure and declined below the ,000 support against the US Dollar.
- There is a monster bearish trend line in place with resistance near ,060 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to decline further and it could even break the last swing low of 8 in the near term.
Bitcoin cash price is in a bearish trend below ,080 against the US Dollar. BCH/USD remains at a risk of more declines towards the 0 and 0 levels.
Bitcoin Cash Price Decline
This past week, there were sharp declines from the ,100 swing high in bitcoin cash price against the US Dollar. The price declined and broke a few important support levels such as ,050 and ,000. It traded towards the 0 level before starting an upside correction. A low was formed at 8 and the price corrected above the 23.6% Fib retracement level of the last decline from the ,322 high to 8 low.
However, the upside move was capped by the ,050 resistance. It also failed to test and break the 38.2% Fib retracement level of the last decline from the ,322 high to 8 low. BCH price is declining once again and it seems like it could retest the 8 low in the short term. A break below 8 could open the doors for a test of the 0 and 0 support levels. To the topside, there is a monster bearish trend line in place with resistance near ,060 on the 4-hours chart of the BCH/USD pair.
Looking at the chart, the price is facing a tough challenge on the upside near ,060 and the trend line. Above this, the last swing high of .150 is the next major hurdle for buyers.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is mostly negative in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 30 level.
Major Support Level – 0
Major Resistance Level – ,060
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