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Bitcoin Cash Analysis: Bears Active Below $125

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

Bitcoin cash price is recovering from the $105 zone against the US Dollar, similar to bitcoin. BCH/USD could rally if there is a close above the $125 resistance.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $124 and $125 resistance levels. BCH formed a high near $124 and started a fresh decline.

There was a clear move below the $122 and $120 support levels. The bears pushed the price the $112 zone and the 55 simple moving average (4-hours). The declined gained pace below 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 low.

The price is now trading above the $115 zone 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 low. On the upside, an immediate resistance is near the $120 level.

There is also a major bearish trend line forming with resistance near $120 on the 4-hours chart of the BCH/USD pair. The first major resistance is near the $123.5 level.

The main resistance sits near the $125 level. Any more gains above $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 zone.

An immediate support on the downside is near the $116 zone. The next major support is near the $112 level, below which the bears might aim $105. The next target for them may perhaps be near the $100 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $115 zone and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if there is a clear move above the $120 and $125 levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $116 and $112.

Key Resistance Levels – $120 and $125.

Tags: BCH, Bitcoin Cash

Source: livebitcoinnews.com
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