cryptocurrency

Bitcoin Cash Analysis: Active Bears Below $125

  • Bitcoin Cash price started a new decline from the $125 area against the US Dollar.
  • The price is now trading above the $115 area and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start a recovery wave if there is a clear movement above the $120 and $125 levels.

Bitcoin Cash price is recovering from the $105 area against the US dollar, similar to Bitcoin. BCH/USD could rise if there is a close above the $125 resistance.

Bitcoin cash price analysis

Bitcoin cash price struggled to accelerate to move above the $124 and $125 resistance levels. BCH made a high near $124 and started a new low.

There was a clear move below the $122 and $120 support levels. The bears pushed the price to the $112 area and the 55 SMA (4 hours). The decline increased at a slower pace than the $110 level. Finally, the price traded as low as $106.56.

It is now correcting losses and trading above the $112 level. There was a move above the 50% Fib retracement level of the recent decline from the $123.45 swing high to $106.56.

The price is now trading above the $115 area and the 55 simple moving average (4 hours). It is trading near the 76.4% Fib retracement level of the recent decline from the $123.45 swing high to $106.56. On the upside, there is an immediate resistance near the $120 level.

There is also a major bearish trend line forming with resistance near $120 on the 4-hour chart of the BCH/USD pair. The first major resistance is near the $123.50 level.

The main resistance is near the $125 level. Any gains over $124 and $125 could set the pace for a move towards the $135 level. If there is a move above the $135 resistance, the price could rise towards the $150 area.

There is immediate support on the downside near the $116 region. The next major support is near the $112 level, where the bears might target below $105. The next target for them may be near the $100 level.

bitcoin cash price

look at me ScheduleBitcoin cash price is now trading above the $115 area and the 55 simple moving average (4 hours). In general, the price could start a recovery wave if there is a clear move above the $120 and $125 levels.

Technical Indicators

4-hour MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The relative strength index of BCH/USD is above the 50 level.

Key support levels – $116 and $112.

Key resistance levels – $120 and $125.

Tags: BCH, Bitcoin Cash

#Bitcoin #Cash #Analysis #Active #Bears

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