- Bitcoin cash price failed to trade above $ 175-180 and declined sharply against the US Dollar.
- There are two key bearish trend lines formed with resistance near $ 175 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently trading near the $ 165 support and it could tumble towards $ 150 in the near term.
Bitcoin cash price struggled to hold gains above $ 180 against the US Dollar. BCH/USD is under pressure and it looks set to clear the $ 160 and $ 150 support levels.
Bitcoin Cash Price Analysis
Recently, there were range moves above the $ 165 support in bitcoin cash price against the US Dollar. The BCH/USD pair jumped higher later and climbed above the $ 180 resistance. There was a break above the 23.6% Fib retracement level of the last drop from the $ 197 high to $ 164 low. However, there was no proper close above the $ 190 and $ 200 resistance levels. The price also failed to settle above $ 190 and the 100 hourly simple moving average.
Moreover, there are two key bearish trend lines formed with resistance near $ 175 on the hourly chart of the BCH/USD pair. The pair also struggled to settle above the 50% Fib retracement level of the last drop from the $ 197 high to $ 164 low. Finally, there was a downside reaction and the price tumbled below the $ 175 and $ 170 levels. At the outset, the price is trading near the $ 165 support, with a bearish angle. It seems like there could be a sharp downside reaction towards $ 150.
Looking at the chart, BCH price is clearly under pressure below $ 180 and the 100 hourly SMA. To recover, buyers need to gain strength above $ 175 and $ 180 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.
Major Support Level – $ 165
Major Resistance Level – $ 180