- Bitcoin cash price broke the $170 and $165 support levels plus extended losses against the US Dollar.
- There is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently under a lot of pressure and it could decline further below $150.
Bitcoin cash price faced an increased selling pressure below $175 against the US Dollar. BCH/USD could even break the $150 support level and trade towards $130.
Bitcoin Cash Price Analysis
After failing near the $175 resistance, bitcoin cash price started a fresh decline against the US Dollar. The BCH/USD pair extended declines recently and broke the $170 and $165 support levels. The price is now trading well below the $170 level and the 100 hourly simple moving average. Earlier, there was an upward move, but the price failed to break the $175 and $180 resistance levels.
During the recent decline, the price broke the $160 support and traded as low as $154. The price is currently consolidating above $150 and it is preparing for the next move. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $176 high to $154 low. However, the main resistance is near the $170 level. Moreover, there is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $176 high to $154 low.
Looking at the chart, BCH price is likely to break the $154 low and if sellers gain strength, they may even break $150. The next major support below $150 is near the $130 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 40 level.
Major Support Level – $155
Major Resistance Level – $170
Author: Aayush Jindal