Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Crucial Resistance

Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Crucial Resistance

Key Points

• bitcoin cash price made a nice upside move this past week and traded above $1,100 against the US Dollar.
• At the moment, the BCH/USD pair is attempting to settle below a major bullish trend line with support at $1,200 on the 4-hours chart (data feed from SimpleFX).
• The pair may correct lower in the short term towards the $1,120 and $1,080 levels.

bitcoin cash price surged higher before facing sellers near $1,375 against the US Dollar. BCH/USD is currently correcting lower and it could retest the $1,080 support.

bitcoin Cash Price Upside Hurdle

This past week, there was a sharp upside move initiated in bitcoin cash price from the $980 swing low against the US Dollar. The price climbed above the 23.6% Fib retracement level of the last major decline from the $1,764 high to $748 low. The upside move was strong as the price was able to move above the $1,000 and $1,200 resistance levels.

There was even a break above the 50% Fib retracement level of the last major decline from the $1,764 high to $748 low. However, the upside move was protected by the $1,375-80 levels and the 100 simple moving average (4-hours). Furthermore, the price failed to move above the 61.8% Fib retracement level of the last major decline from the $1,764 high to $748 low. At the moment, the price is correcting lower and is trading below the $1,250 level. More importantly, the BCH/USD pair is attempting to settle below a major bullish trend line with support at $1,200 on the 4-hours chart.

If the pair settles below the $1,180 level, it could decline further. The most important support and buy zone on the downside is around the $1,080 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is currently reducing its bullish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is just around the 50 level.

Major Support Level – $1,080

Major Resistance Level – $1,380

Charts courtesy – SimpleFX

Published at Sun, 11 Feb 2018 04:28:22 +0000

Analysis