Bitcoin Cash Price Analysis: Upsides Capped Near $130

• Bitcoin cash price started a fresh decline from the $140 zone against the US Dollar.
• The price is now trading below the $130 zone and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $129 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
• The pair could correct higher, but upsides might be limited above the $130 level.

Bitcoin cash price is declining from the $140 zone against the US Dollar, similar to bitcoin. BCH/USD could decline heavily if there is a move below $120.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $139 and $140 resistance levels. BCH formed a high near $138.18 and started a fresh decline.

There was a clear move below the $136.00 and $135.00 support levels. The bears even pushed the price below the $130 support. The price tested the $120 support. A low is formed near $119.79 and the price is now consolidating losses.

There was a move above the 23.6% Fib retracement level of the recent decline from the $138.18 swing high to $119.79 low. It is now trading below the $130 zone and the 55 simple moving average (4-hours).

An immediate resistance is near the $128 level. The next key resistance is near $129. There is also a key bearish trend line forming with resistance near $129 on the 4-hours chart of the BCH/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $138.18 swing high to $119.79 low.

The main resistance sits near the $130 level. Any more gains above $129 and $130 could set the pace for a move towards the $138 level. If there is a move above the $138 resistance, the price could rise towards the $142 zone.

If not, the price might continue lower below $122. An immediate support on the downside is near the $120 zone. The next major support is near the $115 level, below which the bears might aim $108. The next target for them may perhaps be near the $100 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $130 zone and the 55 simple moving average (4-hours). Overall, the price could correct higher, but upsides might be limited above the $130 level.

Technical indicators

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

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

Key Support Levels – $122 and $120.

Key Resistance Levels – $129 and $130.

Tags: BCH, Bitcoin Cash