Bitcoin Cash Analysis: Recovery Could Fade Near $102

• Bitcoin cash price started a fresh decline from the $112 zone against the US Dollar.
• The price is now trading below the $105 zone and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $103 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
• The pair could continue to move down if it breaks the $98 and $95 support levels.

Bitcoin cash price is declining from the $112 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $95.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $111 and $112 resistance levels. BCH formed a high near $111.38 and started a fresh decline.

There was a clear move below the $110 and $105 support levels. The bears even pushed the price below the $100 support and the 55 simple moving average (4-hours). It traded as low as $97.52 before there was an upside correction.

The price climbed above the 23.6% Fib retracement level of the downward wave from the $111.38 swing high to $97.52 low. However, the price is struggling to rise above the $102 zone and the 55 simple moving average (4-hours).

There is also a major bearish trend line forming with resistance near $103 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the downward wave from the $111.38 swing high to $97.52 low.

The main resistance sits near the $105 level.  Any more gains above $103 and $105 could set the pace for a move towards the $112 level. If there is a move above the $112 resistance, the price could rise towards the $120 zone.

An immediate support on the downside is near the $98 zone. The next major support is near the $95 level, below which the bears might aim $88. The next target for them may perhaps be near the $80 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $105 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $98 and $95 support levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $98 and $95.

Key Resistance Levels – $102 and $105.

Tags: BCH, Bitcoin Cash

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• Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-recovery-could-fade-near-102/