#bitcoin cash has been decreasing from the $138 range in comparison to Bitcoin against the US Dollar. If the price falls below $115, there is a possibility of a significant decline in BCH/USD.
Despite efforts to increase momentum and surpass resistance levels at $135 and $138, Bitcoin Cash has been unable to do so. The highest point reached was approximately $139.80 before a new decline began.
The market has experienced a significant downward trend, breaking through key support levels at $128.00 and $125.00. The bears have been particularly aggressive, driving the price below the critical $120 support level. The price has since tested the $115 support level, ultimately forming a low near $116.77.
The BCH/USD pair is currently trading in the vicinity of the $122 zone, alongside the 50-hour simple moving average. Notably, the 4-hour chart of the pair indicates a significant upward movement above a crucial bearish trend line, which had resistance near $122. Additionally, the pair has even surged above the 23.6% Fibonacci retracement level of the recent decline from the $139.80 swing high to $116.77 low.
The $125 level is an immediate obstacle, followed by a significant resistance at $128. This barrier is at the 50% Fib retracement level of the current slide from the swing high of $139.80 to the low of $116.77. The $132 level is the key point of resistance. If the prices stay over $130 and $132, it might open the door for a climb above $138. If the price breaks over the $138 barrier, it might surge towards the $145 zone.
If #BCH fails to surpass the $125 resistance level, it is likely that the price will decrease further, potentially falling below $117. In the event of a decline, there is an immediate support level near the $115 zone. The next significant support level is near $110, and if that is breached, the bears may set their sights on $105. The next target may be close to $100.
KEY LEVELS :
RESISTANCE LEVEL : $125-$129
SUPPORT LEVEL : $117-$113
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
