Bitcoin Cash Price Analysis: Bears In Control Below $120

• Bitcoin cash price started a fresh decline from the $125 zone against the US Dollar.
• The price is now trading below the $120 zone and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
• The pair could correct higher, but upsides might be limited above the $115 level.

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 $105.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $125 and $130 resistance levels. BCH formed a high near $125.94 and started a fresh decline.

There was a clear move below the $122.00 and $120.00 support levels. The bears even pushed the price below the $115 support. The price tested the $106 support. A low is formed near $106.30 and the price is now consolidating losses.

It is now trading below the $120 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $111 level. It is near the 23.6% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.

The next key resistance is near $116. There is also a key bearish trend line forming with resistance near $116 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $125.94 swing high to $106.30 low.

The main resistance sits near the $120 level. Any more gains above $116 and $120 could set the pace for a move towards the $125 level. If there is a move above the $125 resistance, the price could rise towards the $130 zone.

If not, the price might continue lower below $106. An immediate support on the downside is near the $105 zone. The next major support is near the $100 level, below which the bears might aim $92. The next target for them may perhaps be near the $85 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $120 zone and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides might be limited above the $115 level.

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 near the 50 level.

Key Support Levels – $105 and $100.

Key Resistance Levels – $115 and $120.

Source