• Bitcoin Cash price started a fresh decline, trading below the $115 zone and the 55 SMA.
• There is a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of BCH/USD pair.
• Immediate support on the downside is near the $108 zone, while immediate resistance is near the $112.50 level.
Bitcoin Cash Price Analysis
Bitcoin cash price started a fresh decline from the $117 zone against the US Dollar. The price is now trading below the $115 zone and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair could continue to move down if it breaks the $110 and $107 support levels.
Resistance and Support Levels
Immediate resistance is near the $112.50 level. There is also a key bearish trend line forming with resistance near this level on the 4-hour chart of BCH/USD pair. The main resistance sits near the $115 level. Any more gains above this could set a path for further upward momentum towards to target at around $117 mark, possibly even higher up to around 125 USD per coin in Bitcoin Cash value over time.. On other hand, immediate support on downside lies around 108 USD, followed by 107 USD as potential next major support point for bulls if they want to prevent further declines in Bitcoin Cash price value in short term outlooks .
Looking at technical indicators on 4 hour chart: MACD looks to be strongly biased toward bears as its gaining pace in bearish zone while RSI indicator staying mostly flat but still being below 50 range which might suggest potential continuation of current downtrend or possible sideways action over coming days before new trend established itself again .
If bears were able to push Bitcoin Cash price value below 110 USD then next major support point will likely be placed around 100 USD mark which would not only be psychological but also structural one given how long this particular area served as strong form of horizontal support during recent months . After that bulls will probably try hard to defend 92 USD area where previous uptrend started off at back in March so any break lower than that would likely lead into much deeper retracement back toward 80 USD area or maybe even lower depending on market conditions .
From current perspective it looks like we are entering into quite important phase where both sides will likely fight hard for control as building up momentum either way could determine future path of least resistence for Bitcoin Cash price value so far this year . In terms of technical analysis there are some signs suggesting further downside pressure but nothing definitive yet so traders should proceed with caution when entering positions here and adjust their risk management parameters accordingly .