Bitcoin Cash Analysis: Bulls Lose Control Below $135

Bitcoin cash price is moving lower below $135 against the US Dollar, similar to bitcoin. BCH/USD could slide further towards the $120 level in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $148 and $150 resistance levels. BCH formed a high near $148 and started a fresh decline.

There was a clear move below the $145 and $140 support levels. The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $113 swing low to $165 swing high. It is now trading below the $140 zone and the 55 simple moving average (4-hours).

The price is now struggling below the $130 level. An immediate support on the downside is near the $125 zone. It is near the 76.4% Fib retracement level of the upward move from the $113 swing low to $165 swing high.

The next major support is near the $122 level, below which the bears might aim $120. The next target for them may perhaps be near the $114 level. On the upside, an immediate resistance is near the $132 level. The first major resistance is near the $138 level.

There is also a key bearish trend line forming with resistance near $139 on the 4-hours chart of the BCH/USD pair.  The main resistance sits near the $140 level. Any more gains above $138 and $140 could set the pace for a move towards the $148 level. If there is a move above the $148 resistance, the price could rise towards the $160 zone.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $140 zone and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses below the $125 and $122 support levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.

Key Support Levels – $125 and $120.

Key Resistance Levels – $135 and $140.

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