Bitcoin Cash Price Weekly Analysis – BCH/USD To Break $2000?

Coinminist

Key Points

  • Bitcoin cash price is trading with a positive bias and is placed well above the $1500 level against the US Dollar.
  • There is a key bullish trend line forming with support at $1750 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair might continue to trade higher above $1800 and $1900 in the near term.

Bitcoin cash price is placed nicely above $1700 against the US Dollar. BCH/USD may soon break the $1900 level to challenge the $2000 level.

Bitcoin Cash Price Trend

There was a good upside wave in bitcoin cash price from the $1300 swing low against the US Dollar. The price was able to move above the $1500 and $1700 resistance levels. The upside move was strong as the price traded above the $1950 resistance level. It traded as high as $1997 from where a correction wave was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $1201 low to $1997 high.

However, there are many support levels on the downside such as $1700 and $1750. There is also a key bullish trend line forming with support at $1750 on the 4-hours chart of BCH/USD. The trend line support is just above the 38.2% Fib retracement level of the last wave from the $1201 low to $1997 high. Moreover, the $1675 pivot area could also act as a strong support in the near term. Therefore, it won’t be easy for sellers to push the price below $1700.

Bitcoin Cash Price Weekly Analysis BCH USD

On the upside, the recent high at $1997 is only a short-term resistance. The pair might soon break the stated level and trade above $2000 during the coming sessions.

Looking at the technical indicators:

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

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

Major Support Level – $1700

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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