• Bitcoin cash price started a fresh decline from the $135 zone against the US Dollar.
• BCH/USD could decline heavily if there is a move below $120.
• The price could start a decent increase if it stays above the $120 support zone.
Bitcoin Cash Analysis
Bitcoin cash price started a fresh decline from the $135 zone against the US Dollar. There was a break below a key bullish trend line with support near $131 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair could start a decent increase if it stays above the $120 support zone.
Price Analysis
Bitcoin cash price struggled to gain pace for a move above the $135 and $136 resistance levels. BCH formed a high near $136.18 and started a fresh decline, breaking below both the $130 and $125 support levels. A low was formed near $121.37, and the price is now consolidating losses trading below both the $128 zone and 55 simple moving average (4 hours). Immediate resistance sits at around the$125 level. Further gains will target towards either ofthe 50% Fib retracement level ofthe recent decline fromthe$136.18 swing high tothe$121.37 low orat$130 level asmain resistance beforereachingtowards$135 level again. Ifit fails toholdabove$120 supportzone, thenbitcoincashprice might continueto declinesteeply below$115level whichcan leadtowardsthe$105 mark in nearterm future.
Technical Indicators
The MACD for BCH/USD is losing pace in bearishzone whileRSIisbelow50level which pointsoutbearishpressure onbitcoincashprice in upcoming days unlessit breaksabove mentionedresistance levels soonly otherwisebearswill takeover marketandpushpricetowards downside direction again .
Key Support Levels
The key supports are seen at aroundthe$120 and$115levels respectively .
Key Resistance Levels
The key resistances are seen at aroundthe$125and$128levels respectively .