Analysis Technical

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

Aayush Jindal | April 15, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

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

Aayush Jindal | April 15, 2018 | 4:08 am

Key Points

  • Bitcoin cash price started a decent upside move and traded above $720 against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now back in an uptrend and it may continue to trade higher towards the $850 level.

Bitcoin cash price is trading nicely in a bullish zone against the US Dollar. BCH/USD is likely to gain traction for a run towards the $850-900 zone.

Bitcoin Cash Price Trend

There was a decent support base formed near the $600 level in bitcoin cash price against the US Dollar. The price started an upside wave this past week, and moved above a few hurdles such as $650 and $700. The upside move was very strong as the price was able to close above the $720 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $1,079 high to $600 low.

More importantly, there was a break above a crucial bearish trend line with resistance at $720 on the 4-hours chart of the BCH/USD pair. The pair is now trading well above the $700 level and the 100 simple moving average (4-hours). The upside drift stopped near the 38.2% Fib retracement level of the last decline from the $1,079 high to $600 low. However, the downside is limited by the $700-720 support area. It seems like the price is now well supported above the $700 level for more gains.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart above, a break above the $775 level could open the doors for more gains. The next major barrier for buyers above $775 is near $850.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $700

Major Resistance Level – $775

Tags: , , , , , , , , , ,
  • Ultron

    BCH TO THE MOON!!

    • Sam

      I hope so. I want to sell it!

      • Marten Chuzzelwit

        Sell it for what?!
        When BCH goes “To the Moon” fiat currency will be worthless.
        Buy something with it, if it’s not too valuable to use.
        More like borrow against it.

        • Sam

          “When BCH goes “To the Moon” fiat currency will be worthless” – why are there so many clueless idiots in crypto. If there was circumstance where FIAT goes to zero, which it won’t, the world would be so f**ked you really won’t care about your crypto. Grow up, and take an economics course

          • Marten Chuzzelwit

            Perhaps I should elucidate for the slower members of the class.

            When inflationary monetary policy drives the value of fiat to at or near zero, the business of living still goes on.
            Think Weimar Germany and Zimbabwe, living didn’t stop, it just became very much harder to find liquid money with which to transact and that’s exactly the circumstances that people seek sound money like Bitcoin.

            The Venezuelan situation a a great example of people seeking alternatives when irresponsible politicians central banks put the squeeze on a population.
            Thank goodness for Bitcoin stepping in to provide some measure of relief for the financially burdened people of Venezuela.

            The false premise that the entire world would “be so f**ked you really won’t care about your crypto” is simplistic at best.
            At no time in history has the entire world threw up it’s collective hands and eschewed survival.

            Centralized “authority” has been coming up with schemes to enrich it’s inner circle at the expense of others for as long as there has been recorded history, and it has always ended the same, when the system becomes unworkable people adopt alternatives that work.

      • Ultron

        Ridiculous that BCH is still under $900 at this point, where are the BCH whales if you need theemm

      • Ultron

        $1200 is the target, I believe Roger Ver and his whale club can do it.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!