Bitcoin Cash Analysis: Risk of Drop to $105 – Take Action Now!

• Bitcoin Cash started a fresh decline below the $120 zone against the US Dollar.
• The price is now trading below the $118 zone and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support at $116.00 on the 4-hour chart of BCH/USD pair.

Bitcoin Cash Analysis

Bitcoin cash price started a fresh decline below the $120 zone against the US Dollar. The price is now trading below the $118 zone and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at $116.00 on the 4-hour chart of BCH/USD pair.

Price Analysis

Bitcoin cash price struggled to gain pace for a move above the $120 and $122 resistance levels, forming a high near $120.93 and starting a fresh decline. There was also an clear move below the $118 and $116 support levels, testing the $112 zone where it formed a low near 112.89 before consolidating losses. It is trading above 23.6% Fib retracement level from recent decline, however it remains lower than 55 simple moving average (4 hours) and $118 resistance zone.

Immediate Resistance & Support Levels

Immediate resistance is near at$116 level which coincides with 50% Fib retracement level from recent decline, followed by$118 level which is also acting as strong resistance for bulls to make further progress in up direction, On downside immediate support lies at$110 followed by main suppor level of$105 which if breached could push bitcoin cash towards next major support of$100 mark.

Moving Average Convergence Divergence (MACD)

The MACD for BCH/USD is losing pace in bearish territory indicating that momentum could remain weak in coming sessions if buyers fail to push prices higher than current levels .

Relative Strength Index(RSI)

The RSI for BCH/USD is currently positioned below 50 level which suggests that bears still have some control over market momentum in short term time frame .