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.

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