Bitcoin Cash Price Analysis: BCH/USD Nosedives Below $100, $80 Next?

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price tumbled and broke the $125 and $100 support levels against the US Dollar.
There is a monster bearish trend line in place with resistance at $120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently at a risk of more losses below the $100 level in the near term.

Bitcoin cash price ABC tumbled below $100 whereas BCHSV climbed above $100 against the US Dollar. BCH/USD is under pressure and it could trade towards $80.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price could test the $100 support against the US Dollar. The BCH/USD pair did move down and broke the $120 and $110 support levels. The price not only tested the $100 level, but sellers succeeded in clearing $100. A new yearly low was formed near $95 and it seems like the price may continue to slide. More importantly, BCHSV climbed higher recently and surpassed the value of BCHABC, which is a negative sign.

There are many bearish signs on the chart below the $100 level. If there is a correction, the price may test the $105-108 resistance zone. It coincides with the 23.6% Fib retracement level of the recent decline from the $145 high to $97 low. However, the price is trading well below the $125 level and the 100 hourly simple moving average. Therefore, a major upward move above $110 is very unlikely. Besides, there is a monster bearish trend line in place with resistance at $120 on the hourly chart of the BCH/USD pair.

Looking at the chart, BCH price remains in a major downtrend below $120. Sellers are likely to push the price below the $90 level. The next target for them could be $80.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near oversold levels.

Major Support Level – $90

Major Resistance Level – $105

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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