Bitcoin Cash Analysis: Bulls Struggle Below $120

• Bitcoin cash price started a fresh decline from the $117 zone against the US Dollar.
• The price is now trading below the $115 zone and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
• The pair could continue to move down if it breaks the $110 and $107 support levels.

Bitcoin cash price is declining from the $117 zone against the US Dollar, similar to Bitcoin. BCH/USD could decline heavily if there is a move below $110.

Bitcoin Cash Price Analysis

Bitcoin Cash price was able to gain pace for a move above the $112 and $115 resistance levels. BCH even traded above the $116 level before the bears appeared.

A high was formed near $116.83 before the price started a fresh decline. There was a clear move below the $115 and $114 support levels. The pair traded below the 50% Fib retracement level of the upward move from the $106.99 swing low to the $116.83 high.

The bears even pushed the price below the $112 support. It is now trading below the $115 zone and the 55 simple moving average (4 hours).

Immediate resistance is near the $112.50 level. There is also a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of the BCH/USD pair. The main resistance sits near the $115 level. Any more gains above $115 could set the pace for a move toward the $117 level.

If there is a move above the $117 resistance, the price could rise toward the $125 zone. If not, the price might continue lower below $110 and the 61.8% Fib retracement level of the upward move from the $106.99 swing low to the $116.83 high.

Immediate support on the downside is near the $108 zone. The next major support is near the $107 level, below which the bears might aim $100. The next target for them may perhaps be near the $92 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 continue to move down if it breaks the $110 and $107 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 – $110 and $107.

Key Resistance Levels – $112.50 and $115.

Source