Analysis Technical

Bitcoin Cash Price Weekly Analysis: BCH/USD Facing Tough Resistance

Aayush Jindal | July 1, 2018 | 4:08 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Weekly Analysis: BCH/USD Facing Tough Resistance

Aayush Jindal | July 1, 2018 | 4:08 am

Key Points

  • Bitcoin cash price started a new upside wave from the $650 support area against the US Dollar.
  • There are two bearish trend lines formed with resistance at $770 and $810 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair must break and settle above the $800 resistance zone to gain upside momentum.

Bitcoin cash price is slowly recovering above $700 against the US Dollar. BCH/USD has to move past the $800-810 barrier to remain in a bullish zone in the near term.

Bitcoin Cash Price Resistance

This past week, there were heavy losses in bitcoin cash price below the $1,000 level against the US Dollar. The BCH/USD pair declined and broke the $800 and $700 support levels. However, the $650 level acted as a decent support and prevented further declines. A low was formed at $651 and the price started an upward recovery. It gained pace and broke the 23.6% Fib retracement level of the last decline from the $931 high to $651 low.

However, the price is facing a major hurdle around the $800 level. There are two bearish trend lines formed with resistance at $770 and $810 on the 4-hours chart of the BCH/USD pair. The 50% Fib retracement level of the last decline from the $931 high to $651 low is also positioned near $791. More importantly, the 100 simple moving average (4-hours) is also positioned near the $800 level to act as a major resistance.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, the price must break and settle above the $800 resistance zone to move further higher in the near term. The next resistance above $800-810 is around the $900 level. On the downside, supports are seen near the $720, $700 and $650 levels.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is back in the bullish zone with positive signs.

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 – $810

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