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

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Weekly Analysis BCH USD

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Key Points

Bitcoin cash price is trading above the $1,120 support with a neutral bias against the US Dollar.
There is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
The pair is trading with a neutral bias as long as it is above the $1,120 in the near term.

Bitcoin cash price is finding it hard to move higher above $1,300 against the US Dollar. BCH/USD must break the $1,300 resistance to more gains in the near term.

Bitcoin Cash Price Upside Hurdle

There was no major upside move above the $1,300 resistance in bitcoin cash price against the US Dollar. The price made a nice upside move around the $1,250 and $1,300 resistance levels. However, the price was not able to move above $1,300 and started a downside move. A low was formed $1,118 from where a minor upside correction was initiated.

It moved above the 23.6% Fib retracement level of the last drop from the $1,617 high to $1,118 low. However, the upside move faced sellers near $1,300 and the 100 simple moving average (4-hour). Moreover, there is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair. Furthermore, the 38.2% Fib retracement level of the last drop from the $1,617 high to $1,118 low prevented gains. There are a few bearish signs and it may move down back towards the $1,150 support level. Below the $1,150 support, the next support level is around the $1,120 level.

On the upside, the price must break the $1,300 resistance and the 100 SMA to gain bullish momentum toward $1,500.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

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

Major Support Level – $1,120

Major Resistance Level – $1,300

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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