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technical analysis bitcoin cash

Bitcoin Cash Price Weekly Analysis: BCH/USD Reaching Crucial Juncture

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin cash price failed to gain momentum above the $540 level and declined against the US Dollar.
  • There is a major bearish trend line formed with resistance near $535 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above the $500 and $510 support levels to avoid a downside break in the near term.

Bitcoin cash price is showing a few bearish signs below $540 against the US Dollar. BCH/USD could make the next break either above $540 or below $500.

Bitcoin Cash Price Resistance

There was a strong buying interest emerged above the $500 level in bitcoin cash price against the US Dollar. The BCH/USD pair slowly moved higher and traded above the $520 resistance. There was also a break above the 23.6% Fib retracement level of the last decline from the $573 high to $509 low. However, there was a strong resistance near the $540 and $545 zone along with the 100 simple moving average (4-hours).

The price failed to gain momentum and struggled near the 50% Fib retracement level of the last decline from the $573 high to $509 low. More importantly, there is a major bearish trend line formed with resistance near $535 on the 4-hours chart of the BCH/USD pair. The same trend line is positioned with the 100 SMA at $545. Therefore, the price has to break the $540 and $545 resistance levels to accelerate towards the $570 and $580 levels. On the flip side, the $510 level is an initial support. Below this, the next major support is near $500.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, BCH price seems to be preparing for the next move either above $540 or below the $500 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $500

Major Resistance Level – $540

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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