Bitcoin Cash Price Weekly Analysis: BCH/USD Sighting Further Upsides

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price gained traction and moved above the $500 barrier against the US Dollar.
There is a key contracting triangle in place with support near $510 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to break higher towards the $575 and $600 levels in the near term.

Bitcoin cash price is trading in a bullish zone above $500 against the US Dollar. BCH/USD may continue to find buyers on the downside near $500 and $480.

Bitcoin Cash Price Decline

This past week, there was a solid rally in bitcoin cash price from the $400 support zone against the US Dollar. The BCH/USD pair surged above the $450 and $500 resistance levels to move into a positive zone. There was even a close above the $475 level and the 100 simple moving average (4-hours). The price traded as high as $592 and later started a downside correction.

It corrected below the 23.3% Fib retracement level of the last wave from the $424 low to $592 high. However, the downside move was protected by the $500-510 support area, which was a resistance earlier. Moreover, the 50% Fib retracement level of the last wave from the $424 low to $592 high also acted as a support. At the moment, there is a key contracting triangle in place with support near $510 on the 4-hours chart of the BCH/USD pair. The pair is likely to make the next move soon either above $550 or below $510. Above $550, the price will most likely revisit the $600 zone.

Looking at the chart, BCH price is showing a lot of positive signs above the $500 level. As long as the stated support is intact, there could be more gains towards $580, $600 and $620.

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 above the 50 level.

Major Support Level – $500

Major Resistance Level – $550

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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