Bitcoin Cash Analysis: Bearish Below $465 In Near Term
Bitcoin cash price is slowly moving lower below $500 against the US Dollar, similar to bitcoin. BCH/USD must stay above $465 and $450 to start a fresh increase.
Bitcoin Cash Price Analysis
After an extension above the $520 level, bitcoin cash price faced a strong resistance. BCH struggled to clear the $550 zone and it started a major decline.
There was a clear downside break below the $520 and $500 support levels. The pair declined below the 23.6% Fib retracement level of the upward move from the $388 swing low to $548 high. There was also a break below a major bullish trend line with support near $510 on the 4-hours chart of the BCH/USD pair.
The pair is now trading below the $500 support and the 55 simple moving average (4-hours). An immediate support on the downside is near the $465 level.
The 50% Fib retracement level of the upward move from the $388 swing low to $548 high. A downside break below the $465 support zone could open the doors for a larger decline. The next major support is near the $425 level.
Conversely, the price could start a fresh increase above the $480 level. The next major resistance is near the $500 level and the 55 SMA. A close above the $500 level might push the price towards $520. If there are more gains, the price could even surpass the $550 level in the near term. The next major resistance is near the $600 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is showing bearish signs below $500 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it fails to stay above the $465 support zone.
Technical indicators
4 hours MACD – The MACD for BCH/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 40 level.
Key Support Levels – $465 and $425.
Key Resistance Levels – $500 and $550.
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