• Bitcoin Cash price started a fresh decline from the $117 zone against the US Dollar.
• There is a key bearish trend line forming with resistance near $112.50 on the 4-hour chart of the BCH/USD pair.
• The bears could push the price below $110 and may target $100 if there is a break below $107 support level.
Bitcoin Cash Analysis
Bitcoin cash price started a fresh decline from the $117 zone against the US Dollar, similar to Bitcoin. BCH/USD could decline heavily if there is a move below $110.
Price Analysis
Bitcoin Cash price was able to gain pace for a move above the $112 and $115 resistance levels. There was a clear move below the $115 and $114 support levels and it is now trading below the 55 simple moving average (4 hours). Immediate resistance is near the $112.50 level, while main resistance sits near the $115 level. Any more gains above this level could set in motion an upward momentum toward the $117 mark. If not, then bears might push it lower towards significant supports at around $110 and then further down to around $107 level.
Technical Indicators
The MACD for BCH/USD is gaining pace in bearish zone while RSI for BCH/USD is below 50 mark indicating downward momentum in prices. Key Support Levels are identified at around 110 and 107 marks respectively which may be tested by bears in case of further declines in prices of Bitcoin Cash..
Possible Outlook
In conclusion, Bitcoin Cash price may continue to move down if it breaches key supports at around 110 & 107 levels respectively. In such case, next targets for bears may be marked at 100 & 92 levels respectively as well as further falls cannot be ruled out either at this stage..
Conclusion
Overall, Bitcoin Cash seems to be under pressure as highlighted by technical indicators while key supports are likely to be tested soon given current market conditions..
