Bitcoin Cash Price Weekly Analysis – BCH/USD to Decline Further


Key Points

  • Bitcoin cash price started a fresh decline this past week and moved below $1,250 against the US Dollar.
  • There is a major bearish trend line forming with resistance at $1,310 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair may continue to decline and it could even break the $1,100 support in the near term.

Bitcoin cash price is struggling to recover against the US Dollar. BCH/USD remains at a risk of more declines below the $1,100 level during the next few days.

Bitcoin Cash Price Resistance

There was a fresh downside wave initiated in bitcoin cash price from the $1,610 swing high against the US Dollar. The price declined and moved below the $1,500 and $1,300 support level. The decline was such that the price even broke the $1,250 support level. It is currently trading below the $1,200 level and the 100 simple moving average (4-hours), which is a bearish sign.

The recent low was $1,118 with resistance on the upside around the 23.6% Fib retracement level of the last decline from the $1,617 high to $1,118 low. There is also a major bearish trend line forming with resistance at $1,310 on the 4-hours chart of the BCH/USD pair. The trend line resistance is important since it is near the 38.2% Fib retracement level of the last decline from the $1,617 high to $1,118 low. Moreover, the 100 simple moving average (4-hours) is positioned near the $1,320 level. Therefore, the $1,310-1,320 area is a major hurdle for a recovery in the near term.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the pair remains at a risk of more declines once there is a close below the $1,100 level.

Looking at the technical indicators:

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

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

Major Support Level – $1,100

Major Resistance Level – $1,310

AltcoinToday.com

Charts courtesy – SimpleFX

Source: Newsbtc

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