Analysis Technical

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

Aayush Jindal | December 2, 2018 | 4:28 am
Bitcoin Cash Price techanalysis
Analysis

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

Aayush Jindal | December 2, 2018 | 4:28 am

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.

Bitcoin Cash Price Weekly Analysis BCH Chart

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

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