Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline Below $160

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price is currently consolidating and it could decline below $160 against the US Dollar.
There is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair is struggling to break the $190-200 resistance area and it could decline sharply.

Bitcoin cash price is in a downtrend below $200 against the US Dollar. BCH/USD could gain strength once sellers gain pace below $160.

Bitcoin Cash Price Analysis

This past week, there was a solid upside correction from the $150 support area in bitcoin cash price against the US Dollar. The BCH/USD pair formed a low at $146 and climbed above the $160, $180 and $190 resistance levels. There was even a break above the $200 barrier, but buyers failed to hold gains. As a result, there was a fresh decline below $190 and the price remained well below the 100 simple moving average (4-hours).

During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $146 low to $206 high. The price is currently consolidating above the $160 support and it remains at a risk of more losses. A break below the 76.4% Fib retracement level of the last wave from the $146 low to $206 high is possible. Once there is a close below $160, the price may slide below the $150 support as well. On the upside, there is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair.

Looking at the chart, BCH price may break the $190 and $200 resistance levels to climb higher. If not, there is a risk of a downside break below $160.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Level – $160

Major Resistance Level – $190

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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