Key Points
- Bitcoin cash price is under a lot of pressure after it broke the $150 support against the US Dollar.
- There is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently trading near $125 and it may slide further towards the $100 level in the near term.
Bitcoin cash price registered heavy losses from the $200 swing high against the US Dollar. BCH/USD could continue to move down towards the $100 level.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price may slide further towards $125 against the US Dollar. The BCH/USD pair did trade lower after it broke the $150 and $145 support levels. The decline was such that the price even broke the $130 level and traded close to $125. It is now positioned well below the $140 level and the 100 hourly simple moving average.
The recent low was formed near $126 and the current price action suggests more gains. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $158 swing high to $126 low. More importantly, there is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair. The pair is very unlikely to trade above the $135 and $140 resistance levels in the short term. Above $140, the next resistance is the 50% Fib retracement level of the last decline from the $158 swing high to $126 low. On the downside, a close below the $125 level could push the price towards $110 or $100.
Looking at the chart, BCH price is clearly in a significant downtrend below $150. It is likely to slide further towards $120, $110 or $100.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 30 level.
Major Support Level – $120
Major Resistance Level – $135
Author: Aayush Jindal
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