Key Takeaways:
• Starting from the $112 area versus the US Dollar, the price of Bitcoin Cash (BCH) started to decrease again.
• As of the moment, BCH price is trading below both the $112 area and the 55 simple moving average (4-hours).
• On the 4-hour chart of the BCH/USD pair, a significant bearish trend line is forming with resistance close to $108 at this time (data feed from Coinbase).
If there is a definite upward movement over the $110 and $112 levels, the pair may begin a recovery wave.
• Similar to bitcoin, the price of bitcoin cash is falling from around $112 versus the US dollar. If the price of BCH/USD moves below $105, it can fall sharply.
Bitcoin Cash (BCH) Price Analysis
The price of Bitcoin Cash found it difficult to gather momentum to move above the $112 and $115 barrier levels. BCH started a new fall after forming a high around $112.
The support levels of $110 and $108 were clearly broken. The upward movement from the $102 swing low to $112 high was clearly moved below by a move below the 50% Fib retracement line. At this time, the price is trading below both the $112 area and the 55 simple moving average (4-hours).
Near the $105 region, there is immediate support on the downside. It is close to where the upward movement from the $102 swing low to $112 high is 61.8% Fibonacci retracement level. The area around $102, below which the bears may seek for $100, is the next significant support.
Their next objective could be somewhere around the $95 mark. Near the $108 mark, there is immediate resistance on the upside. On the 4-hours chart of the BCH/USD pair, a significant bearish trend line with resistance near $108 is also developing.
Near the $112 mark, there is the first significant resistance. Near the $115 mark, the main resistance is located. Any additional advances over $112 and $115 might create the stage for a move up to $125. The price may increase into the $140 region if a move is made over the $125 barrier.
According to the data, the price of bitcoin cash is currently below the $112 level and the 55 simple moving average (4-hours). Overall, if there is a definite rise over the $110 and $112 levels, the price could begin a recovery wave.
Technical Indicators for BCH Price Analysis
• 4 hour MACD - The bearish area of the BCH/USD MACD is losing momentum.
• 4 hours Relative Strength Index (RSI) for BCH/USD is at below 50 level.
• The $105 and $102 are the Key Support levels.
• The $108 and $112 are the Key Resistance levels.
