Bitcoin Cash continued to fall and was trading below $450. BCH may be consolidating or start a wave of recovery if it moves above $440.
- Bitcoin Cash price began a new decline under the $440 resistance.
- Price is below $440, and 100 Simple Moving Average (4 Hours).
- The 4-hour chart shows a bearish key trend line with resistance near $438. (Data feed by Kraken).
- If it breaks through the resistance level of $440, then it could begin a nice upward movement.
The Bitcoin Cash price is Revisiting Support
Bitcoin Cash’s price has steadily declined over the last few days. Bitcoin You can also find out more about the following: Ethereum. BCH has declined below support levels of $450 and $400 to move into short-term negative territory.
At $421, a new low has been formed and now the price consolidates its losses. A minor movement was made above $430. The price rose above the level for the 23.6% Fib of the move downward from the swing high at $457 to the low at $421.
Bitcoin cash is trading at a price below $440, and also the 100 Simple Moving Average (4 hours). The $438 mark is the immediate resistance to the upside. On the 4-hour BCH/USD chart, a bearish trendline is also developing with resistance near $438.
Source: BCH/USD on TradingView.com
This trend line comes close to 50% of Fib’s retracement levels for the move downward from $457 swing low to $421 low. If the price moves above $440, it could lead to a nice increase. The next Major resistance near $4502 is where the price may accelerate to $465. Any gains beyond this could push the price towards the $480 barrier.
BCH: Fresh Drop of BCH?
Bitcoin Cash’s price could fall if the resistance level of $438 is not overcome. On the downside, initial support is located near the $425 mark.
It is important to note that the word “you” means “you”. next Bulls tend to be near $420. If the price does not stay above $420, it could reach the $400 level. Further losses may push the price to the $384 region in the near future.
Tech indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently in near the 50 level.
Key Support Levels – $425 and $420.
Key Resistance Levels – $440 and $450.
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Source: www.newsbtc.com