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Bitcoin Cash Price Weekly Analysis – BCH/USD Reached Major Resistance


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Key Points

  • Bitcoin cash price made a nice upside move above $1200 against the US Dollar.
  • There is a major connecting resistance trend line forming with barrier at $1720 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • On the downside, there is a key support forming near $1250 and the 100 simple moving average (4-hour).

Bitcoin cash price is climbing higher above $1500 against the US Dollar. BCH/USD is currently facing an important resistance near $1720-1750.

Bitcoin Cash Price Resistance

There was a nice recovery initiated in bitcoin cash price from the $850 swing low against the US Dollar. The price popped higher and managed to move above the $1000 and $1200 resistances. There was also a break above the 38.2% Fib retracement level of the last drop from the $2600 high to $848 low. It opened the gates for more gains above $1500 in the near term.

There was a move above the $1650 level, but the price found a major resistance near $1720-1750. There is a major connecting resistance trend line forming with barrier at $1720 on the 4-hours chart of BCH/USD. The trend line resistance is near the 50% Fib retracement level of the last drop from the $2600 high to $848 low. Therefore, the $1750 level is a monster resistance and it won’t be easy for buyers to break it.

On the downside, there is a bullish trend line forming with support near $1300-1250. The mentioned $1250 support is also close to the 100 simple moving average (4-hour). Therefore, the $1300-1250 levels are important buy zones in the near term. We might see ranging moves below $1750 for some time before the price makes the next move.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 50 level.

Major Support Level – $1300

Major Resistance Level – $1750

 

Charts courtesy – Trading View, Kraken

Article Original

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