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Bitcoin Cash Analysis: Bears Active Below $125

Bitcoin Cash Analysis: Bears Active Below $125

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  • The Bitcoin cash price started a new decline from the $125 zone against the US dollar.
  • The price is now trading above the $115 zone and the 55 simple moving average (4 hours).
  • A significant bearish trendline is forming on the 4-hour chart of BCH/USD with resistance near $120 (data feed from Coinbase).
  • The pair can start a recovery wave if there is a clear move above the $120 and $125 levels.

Bitcoin cash price is recovering from the $105 zone against the US dollar, like bitcoin. BCH/USD may rise if $125 resistance is nearby.

Bitcoin Cash Price Analysis

Bitcoin Cash struggled to gain momentum above the $124 and $125 resistance levels. BCH hit highs near $124 and started a new decline.

There was a clear move below the $122 and $120 support levels. Bears pushed the price to the $112 zone and the 55 simple moving average (4 hours). The decline accelerated below the $110 level. Finally, the price went as low as $106.56.

It is now recovering losses and trading above the $112 level. Above the 50% Fib retracement level of the recent decline was the $123.45 swing high at $106.56.

The price is now trading above the $115 zone and the 55 simple moving average (4 hours). It is trading near the 76.4% Fib retracement level of the recent decline from the $123.45 swing high to $106.56. On the upside, immediate resistance is near the $120 level.

A significant bearish trendline is also forming on the 4-hour chart of BCH/USD with resistance near $120. The first major resistance is near the $123.5 level.

The main resistance is near the $125 level. Any gains above $124 and $125 could set the pace for a move towards the $135 level. If there is a move above the $135 resistance, the price may move towards the $150 zone.

Immediate support on the downside is near the $116 zone. The next major support is near the $112 level, below which bears may target $105. The next target for them might be near the $100 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $115 area and the 55 simple moving average (4 hours). Overall, the price may start a recovery wave if there is a clear move above the $120 and $125 levels.

Technical indicators

4 Hours MACD – MACD for BCH/USD is rising in a bullish zone.

4-hour RSI (Relative Strength Index) – RSI for BCH/USD is above 50.

Key support levels – $116 and $112.

Key resistance levels – $120 and $125.

Tags: BCH, Bitcoin Cash

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