- Bitcoin cash price started a fresh decline from the $570 zone against the US Dollar.
The price is now trading below the $550 zone and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $505 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 $525 resistance zone.
The price of Bitcoin Cash is having a tough time holding above the $550 mark against the US Dollar, much like Bitcoin. If Bitcoin Cash fails to hold at the support levels of $525 or $540, it may lead to further price drops.
Bitcoin Cash Price Analysis
The price of Bitcoin Cash had difficulty pushing beyond the $570 mark as resistance. After reaching a peak around $570, Bitcoin Cash began to slide downward. The value dipped beneath both the $550 and $540 support thresholds.
The price of Bitcoin cash dropped below the $500 mark, reaching a low at around $444.50. It previously tested the support at $445. Currently, the cryptocurrency is in the process of consolidating its losses. At the moment, Bitcoin cash is trading beneath the $540 area and falls below the 4-hour simple moving average of $55.
Should a new rise occur, it may encounter opposition around the $475 mark. This price point is not far from the 23.6% Fibonacci retracement level in the bearish trend that extended from the $569 peak to the $444 trough.
An opposing trend line is taking shape on the BCH/USD 4-hour chart, with a resistance point around $505. This trend line is not far from the 50% mark of the price drop from the peak of $569 to the trough of $444. The upcoming significant resistance lies around the $525 mark.
If the stock price goes above $525, it may pave the way for a advance towards $540. Should the price break through the $540 barrier, there’s a possibility of further climbing up to the $570 mark. However, if $540 holds strong as resistance, the price could slide down below $540.
Close to $445, there’s swift assistance if the price drops. The next significant support lies around $422. If the price falls further, bears may target $405 or even $400.
Glancing at the graph, the Bitcoin cash price currently hovers around the $520 mark and falls beneath both the chart’s 4-hour 55 simple moving average and the $525 resistance level. In essence, if the price remains suppressed below this resistance, a potential downward trend could ensue.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $445 and $420.
Key Resistance Levels – $505 and $525.
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2024-04-19 10:29