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Bitcoin Cash Price Weekly Analysis – Can BCH/USD Break This?

Bitcoin Cash Price Weekly Analysis BCH USD

Key Points

  • Bitcoin cash price declined heavily this past week and traded below $1,000 against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,300 and $1,480 on the 4-hours chart of BCH/USD (data feed from SimpleFX).
  • The pair has to break the $1,480 resistance zone to move back in the bullish zone.

Bitcoin cash price struggled a lot and moved below $1,000 against the US Dollar. BCH/USD needs to move back above the $1,480-1,500 level to gain upside traction.

Bitcoin Cash Price Resistance

This past week was one of the worst since bitcoin cash price tumbled by more than 50% from $2,900 against the US Dollar. The price made a sharp downside move and broke the $1,500 and $1,200 support levels. The decline was solid since the price moved below the $1,000 level. A low was formed at $986 from where the price started an upside correction.

It has moved above 23.6% Fib retracement level of the last drop from the $1,773 high to $986 low. At the moment, the price is facing a lot of sellers near the $1,250 and $1,280 levels. There are two bearish trend lines forming with resistance at $1,300 and $1,480 on the 4-hours chart of BCH/USD. These trend lines are significant for a move above $1,500 in the near term. The first trend line coincides with the 38.2% Fib retracement level of the last drop from the $1,773 high to $986 low. The second one is close to the 61.8% Fib retracement level of the last drop from the $1,773 high to $986 low.

Bitcoin Cash Price Weekly Analysis BCH USD

Therefore, a break above $1,500 is needed for BCH to move back in the bullish zone. On the downside, the $1,000 support area is a crucial support.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is currently reducing the bearish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher toward the 50 level.

Major Support Level – $1,000

Major Resistance Level – $1,500

 

Charts courtesy – SimpleFX

AltcoinToday.com

Source: Newsbtc







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John Harkes is a freelance writer who has written for several publications in the past about topics ranging from culture to cryptocurrency.