The value of #BitcoinCash is currently decreasing from its previous position of $125 against the US Dollar, much like Bitcoin. If the price falls below $105, there is a high possibility that BCH/USD will experience a significant decline.
Despite its efforts to surpass the resistance levels of $125 and $130, Bitcoin Cash has been unable to gain momentum. As a result, BCH reached a peak of $125.94 before beginning a new downward trend.
The market has experienced a significant downward trend, with prices dropping below key support levels of $122.00 and $120.00. The bears have been particularly aggressive, driving prices even further down below the $115 support level. The market has since tested the $106 support level, with a low of $106.30 being recorded. Currently, the market is consolidating its losses and trading below the $115 zone and the 50-hour simple moving average.
According to #priceanalysis , The BCH/USD pair is currently facing a few resistance levels that need to be overcome for a potential upward trend. The first immediate resistance is at the $110 level, followed by a key resistance at $116. On the 4-hour chart, a bearish trend line is forming with resistance near $116.This trend line is also close to the 50% Fib retracement level of the current slide from the swing high of $125.94 to the low of $106.30. The main resistance level is $120, and any more gains above $116 and $120 might create an opportunity for a move above $125. If the price manages to break above the $125 resistance, it could potentially rise towards the $130 zone.
If the current trend persists, the price is likely to drop below $106. However, there is an immediate support level around the $105 mark. If this level is breached, the bears may set their sights on the $100 level, and if that is broken, they may aim for $92. The next target for the bears could be around the $85 level.
KEY LEVELS :
RESISTANCE LEVEL : $111-$115
SUPPORT LEVEL : $104-$100
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.