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

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

  • Marq George

    We can only hope that people will wake up to the fact that crptocurrencies were created by the global elites to enslave mankind. Decentralization is the con to get them in.

    • Edgars Glaudāns

      bahahhahahha

      • Marq George

        Evidently you don’t read the globalist’s websites. Research it yourself it’s hidden in plain view.

  • Marq George

    Couldn’t take the heat could you Aayush!


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