cryptocurrency

Bitcoin Cash Analysis: Bulls Lose Control Below $135

  • Bitcoin Cash price started a new decline from the $148 area against the US Dollar.
  • The price is now trading below the $140 area and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $139 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair remains at risk of further losses below the $125 and $122 support levels.

Bitcoin Cash price is moving below $135 against the US dollar, similar to Bitcoin. BCH/USD could slide further towards the $120 level in the near term.

Bitcoin cash price analysis

Bitcoin cash price struggled to accelerate a move above the $148 and $150 resistance levels. BCH made a high near $148 and started a new low.

There was a clear move below the $145 and $140 support levels. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $113 swing low to $165 swing high. It is now trading below the $140 area and the 55 simple moving average (4-hours).

The price is now struggling below the $130 level. There is immediate support on the downside near the $125 area. It is near the 76.4% Fib retracement level of the upward move from the $113 swing low to $165 swing high.

The next major support is near the $122 level, which might target $120 bears below. The next target for them could be near the $114 level. On the upside, there is an immediate resistance near the $132 level. The first major resistance is near the $138 level.

There is also a major bearish trend line forming with resistance near $139 on the 4-hour chart of the BCH/USD pair. The main resistance is near the $140 level. Any further gains above $138 and $140 could set the pace for a move towards the $148 level. If there is a move above the $148 resistance, the price could move towards the $160 area.

bitcoin cash price

look at me ScheduleBitcoin cash price is now trading below the $140 area and the 55 simple moving average (4 hours). Overall, the price remains at risk of further losses below the $125 and $122 support levels.

Technical Indicators

4-hour MACD Indicator – The MACD for BCH/USD is gaining momentum in bearish territory.

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

Key support levels – $125 and $120.

Key resistance levels – $135 and $140.

Tags: BCH, Bitcoin Cash

#Bitcoin #Cash #Analysis #Bulls #Lose #Control

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