Bitcoin Cash Price Weekly Analysis BCH USD

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Gain Momentum?

Key Points

  • Bitcoin cash price struggled a lot and moved towards $300 against the US Dollar.
  • Recently, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair now has to gain pace for more gains above the $340 level in the near term.

Bitcoin cash price struggled a lot recently against the US Dollar formed bottom. BCH/USD has to move above the $340 level to gain strength.

Bitcoin Cash Price Uptrend

This past week there was a slow and steady decline in BCH price below the $350 level against the US Dollar. The price traded towards the $300 level, which just managed to hold declines. There were ranging moves above the $300 level and the price is now attempting an upside move. During the upside move, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD.

The trend line break is an encouraging sign above $310. However, the price needs to break the 23.6% Fib retracement level of the last decline from the $484 high to $290 low at $336. Once there is a break and close above $336-340 levels, there is a chance of buyers gaining strength in the near term. The next major stop for buyers should be around the $365 level and the 38.2% Fib retracement level of the last decline from the $484 high to $290 low.

Bitcoin Cash Price Weekly Analysis BCH USD

As long as the price is above the $300 level, there is a chance of an upside move in BCH. However, if buyers fail to push the price above $335-340, there can be a retest of $300.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has just moved above the 50 level.

Major Support Level – $300

Major Resistance Level – $340

 

Charts courtesy – Trading View, Kraken

Tags: Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games
Show comments