Bitcoin Cash Price Weekly Analysis – BCH/USD Monstrous Ride

Key Points

• Bitcoin cash price rocketed higher and moved to a new all-time high at $946 against the US Dollar.
• There is a short-term connecting bullish trend line forming with support at $740 on the 4-hours chart of BCH/USD (data feed from Kraken).
• The price might resume its uptrend and could even retest the $940 level.

Bitcoin cash price climbed higher sharply above $900 against the US Dollar. BCH/USD is currently in a monster uptrend, looking for more gains.

Bitcoin Cash Price Rockets Past $800

The past two days were amazing for BCH price as it moved above the $800 level against the US Dollar. The price moved to a new all-time high at $946 and registered heavy gains. As a result, there was an increase in bearish pressure on BTC. BCH price after trading as high as $946.24 started a minor downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $280 low to $946 high.

However, the downside move found support near $700. It was a previous swing high and currently prevented declines below $700. Furthermore, the 38.2% Fib retracement level of the last wave from the $280 low to $946 high also protected further declines. The price is currently trading above $700 and holding ground. There is a short-term connecting bullish trend line forming with support at $740 on the 4-hours chart of BCH/USD. As long as the pair is above the trend line support at $740, there are chances of it moving back towards $940.

There are even possibility of it trading towards the $1000 level. Overall, BCH remains in a super bullish trend and likely to move past $900 again.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD slightly reducing its bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is correcting lower from the overbought levels.

Major Support Level – $740

Major Resistance Level – $900

 

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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