cryptocurrency

Bitcoin Cash Analysis: Major Hurdle Sitting at $125

  • Bitcoin Cash price started a new decline from the $140 area against the US Dollar.
  • The price is now trading below the $130 area and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $124 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair remains at risk of further losses below the $112 and $110 support levels.

Bitcoin Cash price moves below $130 against the US dollar, similar to Bitcoin. BCH/USD could slide further towards the $100 level in the near term.

Bitcoin cash price analysis

Bitcoin cash price struggled to increase the pace of the move above the $138 and $140 resistance levels. BCH made a high near $139 and started a new low.

There was a clear move below the $135 and $130 support levels. The bears pushed the price to the $125 area and the 55 SMA (4 hours). The decline accelerated below the $120 level. Finally, the price traded as low as $110.81.

It is now consolidating and struggling below the $120 level. On the upside, there is immediate resistance near the $118 level. It is near the 23.6% Fib retracement level of the downside move from the $139 swing high to $111 low.

The first major resistance is near the $120 level and the 55 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $124 on the 4-hour chart of the BCH/USD pair.

The main resistance is near the $125 level. It is close to the 50% Fib retracement level of the downside move from the $139 swing high to $111 low. Any gains over $124 and $125 could set the pace for a move towards the $130 level.

If there is a movement above the $130 resistance, the price may rise towards the $140 area. There is immediate support on the downside near the $112 area.

The next major support is near the $110 level, which might target $105 bears below. The next target for them may be near the $100 level.

bitcoin cash price

look at me ScheduleBitcoin cash price is now trading below the $130 area and the 55 simple moving average (4 hours). Overall, the price remains at risk of further losses below the $112 and $110 support levels.

Technical Indicators

4-hour MACD – MACD for BCH/USD is losing momentum in the bearish zone.

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

Key support levels – $112 and $110.

Key resistance levels – $125 and $130.

Tags: BCH, Bitcoin Cash

#Bitcoin #Cash #Analysis #Major #Hurdle #Sitting

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