Bitcoin Cash Price Analysis: BCH/USD Crashes Below $150

Key Points

  • Bitcoin cash price traded further lower and broke the $ 150 support level against the US Dollar.
  • There is a new connecting bearish trend line formed with resistance near $ 148 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses below the $ 140 level in the near term.

Bitcoin cash price extended losses below $ 150 against the US Dollar. BCH/USD may continue to move down and it could even test the $ 125 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price could break the $ 150 level against the US Dollar. The BCH/USD pair remained in a bearish zone and it did trade below the $ 160 and $ 150 levels. The decline was nasty as the price is now trading well below the $ 155 level and the 100 hourly simple moving average. The last swing low was formed near the $ 145 level before the price corrected higher.

It climbed above the $ 150 level and the $ 152 pivot level. There was a break above the 23.6% Fib retracement level of the recent slide from the $ 166 high to $ 145 low. However, the upside move was capped by the $ 155 and $ 156 resistance levels. The 50% Fib retracement level of the recent slide from the $ 166 high to $ 145 low also acted as a resistance. Moreover, there is also a new connecting bearish trend line formed with resistance near $ 148 on the hourly chart of the BCH/USD pair. The pair declined again and broke the $ 145 low.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is under pressure below the $ 148 and $ 145 level. It seems like the price may continue to move down and it could even break $ 140 and $ 132.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold levels.

Major Support Level – $ 140

Major Resistance Level – $ 150

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Analysis – NewsBTC

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