- Bitcoin cash price is currently consolidating and it could decline below $ 160 against the US Dollar.
- There is a major bearish trend line formed with resistance at $ 190 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is struggling to break the $ 190-200 resistance area and it could decline sharply.
Bitcoin cash price is in a downtrend below $ 200 against the US Dollar. BCH/USD could gain strength once sellers gain pace below $ 160.
Bitcoin Cash Price Analysis
This past week, there was a solid upside correction from the $ 150 support area in bitcoin cash price against the US Dollar. The BCH/USD pair formed a low at $ 146 and climbed above the $ 160, $ 180 and $ 190 resistance levels. There was even a break above the $ 200 barrier, but buyers failed to hold gains. As a result, there was a fresh decline below $ 190 and the price remained well below the 100 simple moving average (4-hours).
During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $ 146 low to $ 206 high. The price is currently consolidating above the $ 160 support and it remains at a risk of more losses. A break below the 76.4% Fib retracement level of the last wave from the $ 146 low to $ 206 high is possible. Once there is a close below $ 160, the price may slide below the $ 150 support as well. On the upside, there is a major bearish trend line formed with resistance at $ 190 on the 4-hours chart of the BCH/USD pair.
Looking at the chart, BCH price may break the $ 190 and $ 200 resistance levels to climb higher. If not, there is a risk of a downside break below $ 160.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.
Major Support Level – $ 160
Major Resistance Level – $ 190