Bitcoin Cash Analysis: Downside Break Below $100 Seems Real
Bitcoin cash price is declining from the $105 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $95.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $105 and $106 resistance levels. BCH formed a high near $103.70 and started a fresh decline.
There was a clear move below the $102.50 and $102.00 support levels. The bears even pushed the price below the $100 support and the 55 simple moving average (4-hours). It traded as low as $97.22 and is currently consolidating losses.
It is now trading below the $102 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $98.80 level. It is near the 23.6% Fib retracement level of the downward wave from the $103.70 swing high to $97.22 low.
There is also a key bearish trend line forming with resistance near $100 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the downward wave from the $103.70 swing high to $97.22 low.
The main resistance sits near the $104 level. Any more gains above $104 and $105 could set the pace for a move towards the $110 level. If there is a move above the $110 resistance, the price could rise towards the $120 zone.
An immediate support on the downside is near the $97.50 zone. The next major support is near the $95 level, below which the bears might aim $85. The next target for them may perhaps be near the $80 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $102 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $95 and $92 support levels.
Technical indicators
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 – $95 and $92.
Key Resistance Levels – $100 and $102.
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