Analytics

Bitcoin Cash Analysis: Recovery Could Be Limited Above $110

  • Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
  • The price is now trading below the $115 zone and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $115 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a recovery wave if there is a clear move above the $105 and $110 levels.

Bitcoin cash price is declining from the $125 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 $125 and $126 resistance levels. BCH formed a high near $126 and started a fresh decline.

There was a clear move below the $115 and $105 support levels. Besides, there was a break below a major bullish trend line with support near $115 on the 4-hours chart of the BCH/USD pair. The bears even pushed the price below the $100 support and the 55 simple moving average (4-hours). It traded as low as $87 and recently started a short-term upside correction.

There was a move above the $92 and $95 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $126 swing high to $87 low. On the upside, an immediate resistance is near the $104 level or $105.

The first major resistance is near the $107 level. It is near the 50% Fib retracement level of the downward move from the $126 swing high to $87 low.

The main resistance sits near the $110 level. Any more gains above $107 and $110 could set the pace for a move towards the $120 level. If there is a move above the $120 resistance, the price could rise towards the $125 zone.

An immediate support on the downside is near the $98 zone. The next major support is near the $95 level, below which the bears might aim $87. 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 $115 zone and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a clear move above the $105 and $110 levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.

Key Support Levels – $98 and $95.

Key Resistance Levels – $105 and $110.

   

Source


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