- Bitcoin cash price started a fresh decline from the $288 zone against the US Dollar.
- The price is now trading below the $250 zone and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $245 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a fresh decline if it stays below the $250 resistance zone.
Bitcoin cash price is struggling below the $250 zone against the US Dollar, unlike Bitcoin. BCH/USD could restart its decline if it fails near $245 or $250.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue higher above the $288 resistance zone. BCH formed a short-term top near $287 before it started a fresh decline. There was a drop below the $265 and $250 support levels.
It even declined below the $240 support level. The price tested the $215 support. A low is formed near the $214.01 level and the price is now correcting losses. It climbed a few points higher above the $220 level. There was a move above the 23.6% Fib retracement level of the downward move from the $287.634 swing high to the $214.01 low.
However, BCH is now trading below the $250 zone and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $245 on the 4-hour chart of the BCH/USD pair.
Immediate resistance is near the trend line at $245. The next key resistance is near the $250 zone. It is close to the 50% Fib retracement level of the downward move from the $287.634 swing high to the $214.01 low. Any more gains above $250 could set the pace for a move toward the $270 level.
If there is a move above the $270 resistance, the price could rise toward the $288 zone. If not, the price might continue lower below $230. Immediate support on the downside is near the $220 zone. The next major support is near the $215 level, below which the bears might aim for $202 or even $200.
Looking at the chart, Bitcoin cash price is now trading below the $250 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $250 resistance zone.
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 below the 50 level.
Key Support Levels – $220 and $215.
Key Resistance Levels – $245 and $250.