Home / Bitcoin Price Predictions / Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Uphill Task
Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Uphill Task

Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Uphill Task

Key Points

  • Bitcoin cash worth started an upside correction from the $1340 swing low in opposition to the US Dollar.
  • There was a break above a critical bearish improvement line with resistance at $1800 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair is now going via a couple of important resistance ranges resembling $2200 and $2300.

Bitcoin cash worth has recovered correctly above $1600 in opposition to the US Dollar. BCH/USD ought to clear the $2200-2300 hurdle for additional options throughout the near time interval.

Bitcoin Cash Price Resistance

This earlier week, there was a recovery initiated bitcoin cash worth from the $1500 swing low in opposition to the US Dollar. The worth moved increased and was able to commerce above the $1700 and $1800 resistance ranges. There was moreover a break above the 23.6% Fib retracement stage of the ultimate drop from the $2960 extreme to $1340 low. It opened the doorways for additional options and the worth was able to switch above the $1900 stage.

During the upside switch, there was a break above a critical bearish improvement line with resistance at $1800 on the 4-hours chart of BCH/USD. It helped patrons in pushing the worth in direction of $2000. However, there is a important resistance throughout the $2200 and $2300 stage. Both $2200 and $2300 ranges supplied help earlier, and now they could act as a resistance. Moreover, the 50% Fib retracement stage of the ultimate drop from the $2960 extreme to $1340 low is spherical $2150.

Bitcoin Cash Price Weekly Analysis BCH USD

All these resistances are major barriers for an upside push in direction of $2500. On the draw again, there are a few helps resembling $1800. $1600 and $1500. Any draw again response will nearly positively uncover help at $1500.

Looking on the technical indicators:

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

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

Major Support Level – $1500

Major Resistance Level – $2200

 

Charts courtesy – Trading View, Kraken

Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Uphill Task

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical experience and is well-known for his entertaining and informative analysis of the overseas cash, commodities, Bitcoin and Ethereum markets.

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