- Bitcoin cash price tumbled and broke the $ 125 and $ 100 support levels against the US Dollar.
- There is a monster bearish trend line in place with resistance at $ 120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently at a risk of more losses below the $ 100 level in the near term.
Bitcoin cash price ABC tumbled below $ 100 whereas BCHSV climbed above $ 100 against the US Dollar. BCH/USD is under pressure and it could trade towards $ 80.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price could test the $ 100 support against the US Dollar. The BCH/USD pair did move down and broke the $ 120 and $ 110 support levels. The price not only tested the $ 100 level, but sellers succeeded in clearing $ 100. A new yearly low was formed near $ 95 and it seems like the price may continue to slide. More importantly, BCHSV climbed higher recently and surpassed the value of BCHABC, which is a negative sign.
There are many bearish signs on the chart below the $ 100 level. If there is a correction, the price may test the $ 105-108 resistance zone. It coincides with the 23.6% Fib retracement level of the recent decline from the $ 145 high to $ 97 low. However, the price is trading well below the $ 125 level and the 100 hourly simple moving average. Therefore, a major upward move above $ 110 is very unlikely. Besides, there is a monster bearish trend line in place with resistance at $ 120 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price remains in a major downtrend below $ 120. Sellers are likely to push the price below the $ 90 level. The next target for them could be $ 80.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near oversold levels.
Major Support Level – $ 90
Major Resistance Level – $ 105