Bitcoin Cash price extended losses and was trading below the $450 support. BCH is consolidating and could start a recovery wave if there is a move above $440.
- Bitcoin Cash price has started a modern decline below the support at $440.
- The price is below $440 and the uncomplicated moving average of 100 (4 hours).
- A key bearish trend line is forming on the 4-hour chart of the BCH/USD pair with resistance at $438 (feeding data from Kraken).
- The pair could start a decent move higher if it clears the resistance zone at $440.
Bitcoin Cash price supports support again
Over the past few days, there has been a steady decline in the prices of Bitcoin Cash such as Bitcoin and Ethereum. BCH fell below the support levels at $450 and $440, entering a short-term bearish zone.
The bottom was formed at $421 and the price is currently consolidating losses. There was a slight move above the $430 level. The price has risen above the 23.6% Fib retracement level, the result of a downward move from a high of $457 to a low of $421.
Bitcoin Cash price continues to trade below $440 and 100 uncomplicated moving averages (4 hours). Immediate upside resistance is located near the $438 level. A key bearish trend line is also forming on the 4-hour chart of the BCH/USD pair with resistance at $438.
Source: BCH/USD on TradingView.com
The trend line is near the 50% Fib retracement level, which is the downward movement from the high of $457 to the low of $421. A clear move above the resistance at $440 could spark a decent rally. The next significant resistance is near $4,502, above which the price may accelerate towards the $465 level. Any further increases could push the price towards the $480 resistance zone.
A fresh drop in BCH?
If the Bitcoin Cash price fails to break through the resistance at $438, a modern decline could begin. Initial downside support is near the $425 level.
The next major support is near the $420 level, where bulls are likely to emerge. If the price fails to hold above the $420 support, the price may test the $400 support. Any further losses could push the price towards the $384 zone in the near future.
Technical indicators
4-Hour MACD – MACD for BCH/USD is losing momentum in a bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI is currently trading near the 50 level.
Key Support Levels – $425 and $420.
Key resistance levels – $440 and $450.
