Cryptocurrency Bitcoin Cash has been facing major declines in its price against the US Dollar as it was unable to surpass the $135 and $138 resistance levels. The bears took charge as the price formed a high near $139.80 and initiated a fresh decrease. The selling pressure breached the $128.00 and $125.00 support levels, followed by the $120 level which allowed Bitcoin Cash to reach its current low near $116.77.

At the moment, Bitcoin Cash is trading below the $125 zone and the 55 simple moving average (4-hours) chart of the BCH/USD pair. There was a decent move above the key bearish trend line with resistance near $122. The pairing also spiked above the 23.6% Fib retracement level of the recent decline from the $139.80 swing high to $116.77 low. In addition, the price had to face an immediate resistance near the $125 level and the 50% Fib retracement level of the same fall.

The main factor that is stopping Bitcoin Cash from a further rise is the $132 level. More gains above $130 and this mentioned resistance could set the pace for a move up towards the $138 level. If Bitcoin Cash triumphs over the $138 resistance, the price could potentially rise to the near $145 zone. On the other hand, if Bitcoin Cash fails to hold onto the $115 level, the price might plunge below $116. This could allow the bears to target the $110 level and eventually the $92 level.

On the technical aspect, the MACD for BCH/USD is apparently decreasing in the bearish zone and the RSI is staying below the 50 level. Overall, Bitcoin Cash needs to hold the $115 level in order to rise and recover again. Otherwise, the bears could be in full control and drive the price to its previous lows.



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