Key Points
- Bitcoin cash price traded further lower and broke the $150 support level against the US Dollar.
- There is a new connecting bearish trend line formed with resistance near $148 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains at a risk of more losses below the $140 level in the near term.
Bitcoin cash price extended losses below $150 against the US Dollar. BCH/USD may continue to move down and it could even test the $125 level.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price could break the $150 level against the US Dollar. The BCH/USD pair remained in a bearish zone and it did trade below the $160 and $150 levels. The decline was nasty as the price is now trading well below the $155 level and the 100 hourly simple moving average. The last swing low was formed near the $145 level before the price corrected higher.
It climbed above the $150 level and the $152 pivot level. There was a break above the 23.6% Fib retracement level of the recent slide from the $166 high to $145 low. However, the upside move was capped by the $155 and $156 resistance levels. The 50% Fib retracement level of the recent slide from the $166 high to $145 low also acted as a resistance. Moreover, there is also a new connecting bearish trend line formed with resistance near $148 on the hourly chart of the BCH/USD pair. The pair declined again and broke the $145 low.
Looking at the chart, BCH price is under pressure below the $148 and $145 level. It seems like the price may continue to move down and it could even break $140 and $132.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold levels.
Major Support Level – $140
Major Resistance Level – $150
