Bitcoin Cash price is trading in a bearish zone below the $120 and $118 resistances against the US Dollar. BCH/USD could decline further if it fails to stay above $110 support and the 55 simple moving average (4 hours). To start a decent rebound, the price must break the $118 and $120 resistance levels. In the bearish case, the price is likely to break the $110 support area and it might even decline below the $100 level.
On the upside, the main resistance is near the $118 level and the 55 simple moving average (4 hours). The next resistance is near $120, above which the bulls could aim for a push back above $124.
The 4 hours MACD is slowly gaining bearish momentum. Similarly, the 4 hours RSI is also below 50 and pointing lower. The current price action is indicating more losses below the $110 support area. If Bitcoin cash price breaks the $110 support, there could be a sharp decline towards the $100 support area.
Dorothy Reyes
- 2023-05-12
Bitcoin Cash Price Risks Declining Below $100
Bitcoin Cash price is trading in a bearish zone below the $120 and $118 resistances against the US Dollar. BCH/USD price could decline further if it fails to stay above the $110 support and the 55 simple moving average (4 hours).
