- The bitcoin cash price is trying to gain traction above $ 650 and $ 700 against the US dollar.
- The price is now trading well below $ 650 and 55 simple moving averages (4 hours).
- On the 4 hours chart of the BCH / USD pair (data feed from Coinbase), a major bearish trend line is forming with resistance around $ 650.
- The pair may continue its decline unless there is a clear break above $ 650 and $ 665.
Bitcoin’s cash price is trying to recover above $ 650 against the US dollar, just like Bitcoin. BCH / USD is still at risk of further falling below $ 550.
Bitcoin Cash Price Analysis
After hitting obstacles around $ 750, the bitcoin price began another decline. BCH broke the $ 650 support and 55 simple moving average (4 hours), moving into a bearish zone.
There was also a break below the $ 600 level. The price traded up to $ 545 and is now correcting higher. There was a break above the $ 600 level. The price rallied above the 23.6% Fibonacci retracement level of its recent decline from a high of $ 736 to a low of $ 545.
However, it faces resistance around $ 635 and $ 650. It is currently trading well below $ 650 and 55 simple moving average (4 hours). Also on the 4-hour chart of the BCH / USD pair, a major bearish trend line is forming with resistance around $ 650.
The trendline and $ 650 are close to a simple moving average of 55 (4 hours). This also coincides with the 50% Fibonacci retracement level of the recent decline from the $ 736 high to the $ 545 low.
Consequently, a clear break above $ 650 is needed to start sustained gains. The next key resistance is around $ 665, above which the price could break $ 700. Initial support on the downside is near the $ 580 level. The next important support is near the $ 550 level, below which the bitcoin price could drop to the $ 500 level.
Looking at the chart, it can be seen that the bitcoin cash price is clearly below $ 650 and 55 simple moving averages (4 hours). Overall, the price may continue to decline unless there is a clear break above $ 650 and $ 665.
4 hours MACD – The MACD for BCH / USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH / USD is just below the 50 level.
Key support levels are $ 550 and $ 500.
Key resistance levels are $ 650 and $ 700.