Bitcoin Cash Price Analysis

Bitcoin Cash (BCH) Tumbles, Sellers Could Push For $120

Bitcoin cash price declined sharply after trading above the $230 resistance against the US Dollar. BCH/USD broke the $200 and $175 support levels, and it could even test $120.

Key Talking Points

  • Bitcoin cash price failed to clear the $240 resistance and declined sharply against the US Dollar.
  • BCH broke a major triangle support at $190 on the 4-hours chart (data feed from Bitstamp).
  • The price is currently trading with a bearish angle and it could decline further below $150.

Bitcoin Cash Price Analysis

Recently, there was a solid upward move above the $120 and $1801 resistance levels in bitcoin cash price against the US dollar. BCH even traded above the $200 and $220 resistance levels. Later, there was an increase in selling pressure in the market, resulting in a sharp decline in bitcoin, ripple, Ethereum, litecoin and EOS.

Bitcoin Cash Price Analysis BCH Chart BTC

Looking at the chart, there was a top formed near the $237 level and later the price started consolidating in a range above the $200 level. The price declined below the 23.6% Fibonacci retracement level of the last wave from the $84 low to $237 high.

Finally, sellers had the upper hand and they pushed the price below the $200 and $180 support levels. Moreover, the price broke a major triangle support at $190 on the same chart.

The price traded below the $160 level and it seems like it could soon test the $144 level and the 61.8% Fibonacci retracement level of the last wave from the $84 low to $237 high. If there are more losses, the price may test the $120 support.

The mentioned $120 support is importance since it is near the 100 simple moving average (4-hour).  On the upside, the first resistance for buyers is near $175 and $180, above which the price may test the $200 resistance zone.

Overall, bitcoin cash clearly moved into a bearish zone below the $200 level and it could accelerate losses below the $150 and $140 levels.

The market data is provided by TradingView.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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