Key Points
- Bitcoin cash price continued to decline and it moved below the $1,200 support against the US Dollar.
- There are two bearish trend lines forming with resistance at $1,360 and $1,440 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair is currently under a lot of pressure and it could even trade toward $1,000 in the near term.
Bitcoin cash price declined heavily by more than $200 against the US Dollar. BCH/USD is now in a bearish zone and is eying further declines.
Bitcoin Cash Price Decline
This week is turning out to be a major declining phase for bitcoin cash price from the $1,450 swing high against the US Dollar. The price extended its decline recently and it even moved below the $1,300 and $1,200 support levels. The current decline is very strong and the price is trading below the $1,180 level. The recent low was $1,159 and it seems like the price may continue to decline in the near term.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the decline from the $1,495 high to $1,159 low. However, the chances are very less that the price may recover above $1,300 in the near term. Further to the upside, there are two bearish trend lines forming with resistance at $1,360 and $1,440 on the hourly chart of BCH/USD. The first trend line is just above the 50% Fib retracement level of the decline from the $1,495 high to $1,159 low.
Clearly, there is a lot of pressure on BCH and it could soon break the $1,159 low. The next major support sits around the $1,120 level followed by $1,100.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the oversold levels.
Major Support Level – $1,120
Major Resistance Level – $1,300
Charts courtesy – SimpleFX
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