Bitcoin cash price is struggling to rebound and is trading below $225 against the US Dollar.
The price is currently declining and it could slide below the $210 and $205 supports.
There is a key bearish trend line forming with resistance near $220 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair must break $220, $225 and $230 to start a fresh increase in the near term.
Bitcoin cash price is facing a lot of hurdles near $225 against the US Dollar. If BCH/USD breaks the $200 support, it could decline heavily in the coming days.
Bitcoin Cash Price Analysis
This week, there was a steady decline in bitcoin cash price below the $230 support against the US Dollar. Later, the BCH/USD pair made a couple of attempts to climb above $230, but it failed. As a result, there was a fresh decline below the $225 support area and the 55 simple moving average (4-hours). It opened the doors for more losses below the $215 level.
Recently, the price traded as low as $213.9 and corrected higher. It recovered above the 23.6% Fib retracement level of the recent decline from the $230 high to $213 low. However, the price struggled to clear the $220 resistance area. Moreover, there is a key bearish trend line forming with resistance near $220 on the 4-hours chart of the BCH/USD pair.
At the moment, the price is declining and is approaching the $212 and $210 levels. The main supports on the downside are near the $205 and $200 levels. If there is a downside break below the $200 support, there could be a sharp decline in the coming days. The next key support is near the $188 and $185 levels. Conversely, the price could recover above the trend line and $220.
The next hurdle is near the $222 level. Additionally, the 50% Fib retracement level of the recent decline from the $230 high to $213 low is near the $222 level to prevent an upward move. If there is a clear break above the trend line, $222, and $225, the price might retest $230. If there is a successful break above $230, the price could move into a positive zone.
Looking at the chart, bitcoin cash price is clearly under a lot of pressure below $225 and $230. Therefore, there is a risk of a downside break below the $205 and $200 supports.
4 hours MACD – The MACD for BCH/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently declining towards the 30 level.
Key Support Levels – $205 and $200.
Key Resistance Levels – $225 and $230.
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