Bitcoin Cash Analysis: BCH Turns Red Below $525

Source Livebitcoinnews

Apr 26, 2024 02:48

Bitcoin cash price started a fresh decline below the $550 zone against the US Dollar.
The price is now trading below the $540 zone and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $507 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair could continue to move down if it stays below the $522 resistance zone.

Bitcoin cash price is struggling below the $540 zone against the US Dollar, like Bitcoin. BCH/USD could restart its decline if it fails near $507 or $512.

Bitcoin Cash Price Analysis

Bitcoin cash price struggled to continue higher above the $570 resistance zone. BCH formed a short-term top near $570 before it started a fresh decline. There was a drop below the $540 and $530 support levels.

It even declined below the $465 support level. The price tested the $450 support. A low was formed near the $444.50 level and the price started a consolidation phase. Bitcoin cash is now trading below the $525 zone and the 55 simple moving average (4 hours).

Recently, there was a recovery wave above the $500 level. The price cleared the 50% Fib retracement level of the downward move from the $570 swing high to the $445 low.

However, the price failed to surpass the $520 resistance. It struggled near the 61.8% Fib retracement level of the downward move from the $570 swing high to the $445 low. There is also a key bearish trend line forming with resistance near $507 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near the $512 level. Any more gains above $512 could set the pace for a move toward the $525 level. If there is a move above the $525 resistance, the price could rise toward the $550 zone. If not, the price might continue lower below $465.

Immediate support on the downside is near the $460 zone. The next major support is near the $445 level, below which the bears might aim for $425 or even $400.

Looking at the chart, Bitcoin cash price is now trading below the $520 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh decline if it stays below the $520 resistance zone.

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 – $465 and $445.

Key Resistance Levels – $507 and $525.

The post Bitcoin Cash Analysis: BCH Turns Red Below $525 appeared first on Live Bitcoin News.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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