- Bitcoin cash price started a fresh decline below the $500 zone against the US Dollar.
The price is now trading below the $450 zone and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $450 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 $462 resistance zone.
As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring the Bitcoin cash price action against the US Dollar. The price has taken a turn for the worse, as it has started a fresh decline below the $500 zone and is now trading below the $450 support level and the 55 simple moving average (4 hours).
As a crypto investor, I’m observing that Bitcoin Cash (BCH) is facing some resistance around the $450 mark against the US Dollar, similar to Bitcoin. If BCH fails to hold above this level, it might trigger a sell-off and push the price back down towards $462.
Bitcoin Cash Price Analysis
The price of Bitcoin Cash had a tough time pushing past the $525 barrier for further growth. After reaching a peak of $528, Bitcoin Cash formed a temporary top and subsequently began to slide. Notably, it dipped below the supports at $500 and $462.
The price of Bitcoin Cash dipped beneath the $450 mark, reaching as low as the $399.22 support. It then tested the $400 support level before consolidating. Currently, Bitcoin Cash is trading below both the $450 price zone and the 4-hour simple moving average.
Lately, the price bounced back above the $420 mark, surpassing the 23.6% Fibonacci retracement threshold in the bearish trend that extended from the $528 peak to the $400 trough.
As a researcher analyzing the price movements of the BCH/USD pair, I’ve noticed that the price has been having a tough time surpassing the $440 mark lately. The first significant resistance can be found around the $450 level. Additionally, there appears to be a bearish trend line emerging on the 4-hour chart with resistance at the $450 mark. Beyond that, the next notable resistance lies near the $462 level.
As a researcher studying market trends, I’ve noticed that the current price is approaching the 50% Fibonacci retracement level in the downtrend from the $528 peak to the $400 trough. Should the price continue to rise beyond $462, it could pave the way for a potential advance toward the $480 mark. If we manage to break through the resistance at $480, the price may then be poised to head towards the $500 zone.
As a researcher, I would express it this way: If the price fails to hold above $430, it could potentially slide down towards the $420 region next. Should the selling pressure persist, the next significant support lies around the $400 mark. Beyond that, bears might target the $385 and even the $365 levels if the downward trend continues.
Examining the graph, the Bitcoin cash price currently hovers beneath the $450 mark and falls short of the 4-hour Simple Moving Average (SMA) at that level. If this trend persists, the price may initiate a new downward trend if it fails to breach the resistance zone around $462.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.
Key Support Levels – $430 and $420.
Key Resistance Levels – $450 and $462.
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2024-05-03 07:30