Bitcoin Cash Price Weekly Analysis: BCH/USD Bearish Below $730

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price declined and broke the $730 and $705 support levels against the US Dollar.
There is a major bearish trend line formed with resistance at $710 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair has to move above $710 and $730 to start a decent recovery in the near term.

Bitcoin cash price is under pressure below the $730 pivot level against the US Dollar. BCH/USD may perhaps recover, but upsides could be capped.

Bitcoin Cash Price Resistance

There was a crucial failure above the $750 level in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and broke the $735 and $705 support levels. BCH even traded below the $700 level and formed a new monthly low at $684. It is currently trading well below the $730 pivot level and the 100 simple moving average (4-hours), which is a bearish sign.

It is currently correcting higher towards the $710 resistance. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $771 high to $684 low. There is also a major bearish trend line formed with resistance at $710 on the 4-hours chart of the BCH/USD pair. However, there is a crucial barrier formed near $730-735. It coincides with the 61.8% Fib retracement level of the last decline from the $771 high to $684 low. It also presents the previous support zone near $735. Therefore, a break above $730-735 is needed for a larger upward move in BCH.

Looking at the chart, BCH price is under a lot of pressure below $730 and $710. If it slides further and breaks $684, it could extend losses towards the $665 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly heading into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 40 level.

Major Support Level – $684

Major Resistance Level – $730

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.

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