Bitcoin Cash Analysis: Risk of Downside Break Below $170

Bitcoin Cash Price Analysis

Bitcoin Cash Analysis: Risk of Downside Break Below $170

Bitcoin cash price started a fresh decline from the $200 resistance against the US Dollar.
The price is now trading below the $180 zone and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $178 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $180 and $190 to start a fresh increase in the near term.

Bitcoin cash price is struggling below $190 against the US Dollar, similar to bitcoin. BCH/USD could start a fresh decline if it stays below $180.
Bitcoin Cash Price Analysis
Bitcoin cash price made a few attempts to gain strength above $200 and $205. However, BCH failed to gain pace and started a fresh decline below the $190 level.
There was a move below the $185 level and the 55 simple moving average (4-hours). The price even traded below the $180 support and formed a low near $170. It is now consolidating losses above the $175 level. An immediate resistance is near the $178 and $180 levels.
There is also a major bearish trend line forming with resistance near $178 on the 4-hours chart of the BCH/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $210 swing high to $170 low.
On the upside, the next major resistance is near the $190 level. It is near the 50% Fib retracement level of the recent decline from the $210 swing high to $170 low. The main hurdle sits near the $200 level.
A clear break above $190 and $200 might send the price towards the $220 barrier. Any more gains above $220 could set the pace for a larger increase.
An immediate support on the downside is near the $172 zone. The next major support is near the $170 level, below which the bears might gain strength. The next target for them may perhaps be near the $150 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $185 zone and the 55 simple moving average (4-hours). Overall, the price must clear $180 and $190 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Key Support Levels – $172 and $170.
Key Resistance Levels – $190 and $200.

Tags: BCH, Bitcoin Cash

Leave a Reply

Your email address will not be published.

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance