Bitcoin Cash Analysis: Risk of Fresh Decline Below $105
Bitcoin cash price is declining from the $120 zone against the US Dollar, unlike bitcoin. BCH/USD could decline heavily if there is a move below $105.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $120 and $122 resistance levels. BCH formed a high near $120 and started a fresh decline.
There was a clear move below the $118 and $115 support levels. Besides, there was a break below a key bullish trend line with support near $111 on the 4-hours chart of the BCH/USD pair. The bears even pushed the price below the $110 support and the 55 simple moving average (4-hours).
There was a clear move below the 50% Fib retracement level of the upward move from the $100 swing low to $120 high. An immediate support on the downside is near the $107 zone.
The 61.8% Fib retracement level of the upward move from the $100 swing low to $120 high is also near $107. The next major support is near the $105 level, below which the bears might aim $100. The next target for them may perhaps be near the $88 level.
On the upside, an immediate resistance is near the $112 level or the 55 simple moving average (4-hours). The first major resistance is near the $115 level. The main resistance sits near the $120 level.
Any more gains above $118 and $120 could set the pace for a move towards the $128 level. If there is a move above the $128 resistance, the price could rise towards the $135 zone.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $115 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $107 and $105 support levels.
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 – $107 and $105.
Key Resistance Levels – $112 and $120.
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