Bitcoin Cash price has continued its downward trend, falling below the $450 support level and entering a short-term bearish zone. The price is currently consolidating losses and trading below $440, as well as the 100 simple moving average (4 hours).
Despite a minor move above the $430 level, Bitcoin Cash price is struggling to break through the $440 resistance. A key bearish trend line has formed with resistance at $438 on the 4-hour chart of the BCH/USD pair, indicating a potential roadblock for any upward movement.
There is still hope for a recovery wave if Bitcoin Cash price manages to clear the $440 resistance zone. A move above this level could trigger a decent upward move, with the next major resistance level sitting near $450. If this resistance is breached, the price might accelerate higher towards $465 and eventually the $480 zone.
However, failure to clear the $438 resistance could lead to a fresh decline in Bitcoin Cash price. Initial support is seen near the $425 level, followed by a major support zone at $420 where bullish momentum could reappear.
In terms of technical indicators, the 4-hour MACD for BCH/USD is indicating a loss of momentum in the bearish zone. Additionally, the 4-hour RSI is hovering around the 50 level, suggesting a neutral stance in the market.
Key support levels to watch for include $425 and $420, while key resistance levels are at $440 and $450. If the price fails to hold above $420, there is a possibility of a test of the $400 support level, potentially leading to further losses towards $384 in the near term.
Overall, Bitcoin Cash price remains in a consolidation phase below the $440 resistance zone. While there is potential for a recovery wave if key resistance levels are breached, failure to do so could result in further downward movement. Traders and investors should closely monitor the price action in the coming days for any significant breakthroughs in either direction.