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Bitcoin Cash Price Weekly Analysis – Can BCH/USD Break This?

Key Points

  • Bitcoin cash price is struggling to move above the $2600 and $2700 resistance levels against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair has to move above the $2600 and $2700 levels to gain traction in the near term.

Bitcoin cash price is finding bids above the $2200 level against the US Dollar. BCH/USD must close above $2700 to move back in the bullish zone.

Bitcoin Cash Price Upside Hurdle

After a sharp downside move toward $2000, bitcoin cash price found support against the US Dollar. The price started a recovery and managed to settle above $2200. There were a couple of upside attempts, but it struggled to move above $2800 and then at $2700. It seems like there is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD.

The mentioned trend line is acting as a major upside hurdle and prevented gains above $2700. The trend line at $2600-2700 is also around the 100 simple moving average on the same chart. Therefore, a break above $2700 and the 100 SMA won’t be easy. The pair is currently above the 50% Fib retracement level of the last drop from the $2880 high to $2281 low.

Bitcoin Cash Price Weekly Analysis BCH USD

However, it has to move above $2700 and the 61.8% Fib retracement level of the last drop from the $2880 high to $2281 low to gain upside momentum. Once there is a close above the $2700 resistance and the 100 SMA, the price could accelerate toward $3000 and then $3200. On the downside, the $2200 and $2000 levels are important supports.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly flat and is showing signs of a range.

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

Major Support Level – $2200

Major Resistance Level – $2700

 

Charts courtesy – Trading View, Kraken

The post Bitcoin Cash Price Weekly Analysis – Can BCH/USD Break This? appeared first on NewsBTC.

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