- Bitcoin cash price started a fresh decline below the $550 zone against the US Dollar.
The price is now trading below the $540 zone and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $507 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 $522 resistance zone.
As a researcher with experience in analyzing cryptocurrency markets, I believe that the current trend for Bitcoin cash (BCH) is bearish. The price has been struggling to break above the $540 zone against the US Dollar, and it has even declined below key support levels such as $530, $525, and $512.
The price of Bitcoin Cash versus the US Dollar is finding resistance around the $540 mark, similar to Bitcoin’s trend. If Bitcoin Cash cannot hold above the support levels at $507 or $512, it may initiate a fresh drop.
Bitcoin Cash Price Analysis
I analyzed the Bitcoin Cash market and noticed that its price had difficulty advancing beyond the $570 resistance point. Following a brief peak at this level, BCH began to slide downward. Notably, it dipped beneath the $540 and $530 support thresholds.
I’ve observed the Bitcoin cash price dipping below the $465 mark, testing the resistance at $450. A new low was established around $444.50, initiating a consolidation phase for the cryptocurrency. Currently, Bitcoin cash trades under the $525 threshold and falls short of the 55-simple moving average (SMA) on the 4-hour chart.
Lately, the price bounced back above the $500 mark, surpassing the 50% Fibonacci resistance level following the decline from the $570 peak to the $445 trough.
Despite making an effort, the price didn’t manage to exceed the $520 mark as resistance. It encountered difficulties around the 61.8% Fibonacci retracement level, which is a significant level in the downward trend from the $570 peak to the $445 trough. Furthermore, there’s an emerging bearish trend line on the 4-hour chart for the BCH/USD pair, with resistance set at approximately $507.
Moving forward, the next significant barrier to progress lies around the $512 mark. Should the price break through this hurdle, it may pave the way for further advancements towards $525. In case of a successful breach above $525, the upward trend could potentially carry the price towards the $550 region. Conversely, if $512 and $525 hold firm as resistances, there’s a possibility of the price sliding below the support at $465.
As an observer, I notice that immediate relief can be found around the $460 mark if the price takes a downturn. However, should the decline continue, the next significant support lies at approximately $445. If this level fails to hold, bearish investors could potentially target the prices around $425 and even lower towards $400.
As an analyst examining the chart, I notice that Bitcoin Cash is currently trading beneath the $520 mark and falls short of the 55-simple moving average on the 4-hour timeframe. If this trend persists without a break above the $520 resistance level, it could signal the beginning of a new downtrend for Bitcoin Cash.
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 – $465 and $445.
Key Resistance Levels – $507 and $525.
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2024-04-26 06:13