Analysis Technical

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Continue Higher?

Aayush Jindal | February 18, 2018 | 4:38 am
Bitcoin Cash Price Weekly Analysis BCH USD
Analysis

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Continue Higher?

Aayush Jindal | February 18, 2018 | 4:38 am

Key Points

  • Bitcoin cash price gained heavily this past week and moved above $1,400 against the US Dollar.
  • There is a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair may decline a few points in the short term, but it remains supported near $1,450 and $1,400.

Bitcoin cash price is trading nicely in the bullish zone above $1,400 against the US Dollar. BCH/USD is likely to remain in an uptrend with resistances at $1,600 and $1,750.

Bitcoin Cash Price Support

There were decent gains from the $1,180 this past week in bitcoin cash price against the US Dollar. The price gained heavy bullish momentum and it was able to move above the $1,200 and $1,400 resistance levels. It even traded above the $1,500 level and formed a high near $1,617. At the moment, the price is correcting lower, but it remains supported on the downside above $1,400.

An initial support is around the 23.6% Fib retracement level of the last wave from the $1,186 low to $1,617 high. There is also a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair. The pair is currently showing a few bearish signs, but there are many supports on the downside at $1,450 and $1,400. The mentioned $1,400 is significant since it is the 50% Fib retracement level of the last wave from the $1,186 low to $1,617 high.

Bitcoin Cash Price Weekly Analysis BCH USD

Therefore, any major dips from the current levels are likely to find bids near $1,400. On the upside, a break above the $1,600 level is needed for a test of the $1,700 level, followed by $1,750.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 70 level.

Major Support Level – $1,400

Major Resistance Level – $1,750

 

Charts courtesy – SimpleFX

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