- Bitcoin cash price started a fresh decline from the $300 zone against the US Dollar.
- The price is now trading below the $255 zone and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $255 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $255 resistance zone.
Bitcoin cash price is struggling below the $250 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $248 or $255.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue higher above the $300 resistance zone. BCH formed a short-term top near $298 before it started a fresh decline. There was a drop below the $265 and $255 support levels.
There was a break below a key bullish trend line with support at $255 on the 4-hour chart of the BCH/USD pair. It even declined below the $240 support level. The price tested the $235 support. A low is formed near the $233.01 level and the price is now consolidating losses.
Bitcoin cash is now trading below the $255 zone and the 55 simple moving average (4 hours). If there is a fresh increase, it could face resistance near the $248 level. It is close to the 23.6% Fib retracement level of the downward move from the $298 swing high to the $233 low.
The first major resistance is near the $255 level. Any more gains above $255 could set the pace for a move toward the $265 level. It is near the 50% Fib retracement level of the downward move from the $298 swing high to the $233 low.
If there is a move above the $265 resistance, the price could rise toward the $280 zone. If not, the price might continue lower below $233. Immediate support on the downside is near the $222 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 $255 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $255 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 – $233 and $222.
Key Resistance Levels – $248 and $255.
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