Bitcoin Cash Price Weekly Analysis: BCH/USD Could Move Higher Within Range
Key Points
Bitcoin cash price remained under pressure below the $450 and $460 resistances against the US Dollar.There is a major bearish trend line in place with resistance at $436 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).The pair could rise in the short term towards the $450 or $460 resistance levels.Bitcoin cash price is moving lower towards $425 against the US Dollar. BCH/USD may soon gain traction to recover back towards the range resistance.
Bitcoin Cash Price Analysis
This past week, there was a slow and steady decline from the $452 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair made many attempts to recover above $450, but it failed. As a result, the price declined below the $440 support and the 100 simple moving average (4-hours). It traded as low as $431 and it is currently consolidating losses.
On the upside, an initial resistance is near the $435-436 zone. It is close to the 23.6% Fib retracement level of the recent decline from the $452 high to $431 low. More importantly, there is a major bearish trend line in place with resistance at $436 on the 4-hours chart of the BCH/USD pair. Above the trend line, the price could move towards the $440 level and the 100 simple moving average (4-hours). The next resistance may be the 50% Fib retracement level of the recent decline from the $452 high to $431 low at $442. The most important resistance is near the $450 level, which prevented gains on many occasions.
Looking at the chart, BCH price could recover above $436 and $440 in the near term. If it fails, there could be a downside reaction towards $425 or $420.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving just above the 40 level.
Major Support Level – $430
Major Resistance Level – $440
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