Bitcoin Cash Price Weekly Analysis – BCH/USD Facing Uphill Task
- Bitcoin cash price started an upside correction from the $1340 swing low against the US Dollar.
- There was a break above a major bearish trend line with resistance at $1800 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair is now facing a couple of important resistance levels such as $2200 and $2300.
Bitcoin cash price has recovered nicely above $1600 against the US Dollar. BCH/USD must clear the $2200-2300 hurdle for more gains in the near term.
Bitcoin Cash Price Resistance
This past week, there was a recovery initiated bitcoin cash price from the $1500 swing low against the US Dollar. The price moved higher and was able to trade above the $1700 and $1800 resistance levels. There was also a break above the 23.6% Fib retracement level of the last drop from the $2960 high to $1340 low. It opened the doors for more gains and the price was able to move above the $1900 level.
During the upside move, there was a break above a major bearish trend line with resistance at $1800 on the 4-hours chart of BCH/USD. It helped buyers in pushing the price toward $2000. However, there is a crucial resistance around the $2200 and $2300 level. Both $2200 and $2300 levels provided support earlier, and now they may act as a resistance. Moreover, the 50% Fib retracement level of the last drop from the $2960 high to $1340 low is around $2150.
All these resistances are major barriers for an upside push toward $2500. On the downside, there are a few supports such as $1800. $1600 and $1500. Any downside reaction will most likely find support at $1500.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Level – $1500
Major Resistance Level – $2200
Charts courtesy – Trading View, Kraken
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