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Cryptocurrency

BCHUSD Forecast: Bitcoin Cash Might Drop Below $152 Support

BCHUSD Forecast: Bitcoin Cash Might Drop Below $152 Support

December 04, 2018 AtoZ Markets  Bitcoin Cash price is trading in a bullish note as all the other major cryptocurrencies in the market. At the time of press, Bitcoin Cash is trading at $183.18 level in the 24-hours volume of $317.95k. Bitcoin Cash has a market cap of $2.7 Billion, according to coinmarketcap.com statistics.

Bitcoin Cash Technical Analysis

Looking at the technical charts, after failing near the $175 resistance level, Bitcoin cash price started a fresh decline against the USD. The BCHUSD pair extended downfall recently and broke the $170 and $165 support levels. The price of the coin is now trading well below the $170 level and the 100 hourly SMA. Earlier, there was an upward move, but the price of the coin failed to break the $175 and $180 resistance levels.

Moreover, during the recent decline, the price of the coin broke the $160 support and traded as low as $154 level. The price of Bitcoin Cash is currently consolidating above $150 level and it is preparing for the next move. Also, an initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $176 highs to $154 lows. However, the important resistance is near the $170 level. Moreover, there is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCHUSD pair. The trend line is close to the 50% Fibonacci retracement level of the recent decline from the $176 highs to $154 lows.

In conclusion, BCHUSD price is likely to break the $152 support level and if sellers gain strength, they might even break $150 level. The next major support is below $145 and $135 level.

Bitcoin Cash Pivot Points

Bitcoin Cash has a significant support near $152 and resistance near $170 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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