Bitcoin Cash Price Weekly Analysis – Can BCH/USD Gain Momentum?

Key Points

• Bitcoin cash price struggled a lot and moved towards $300 against the US Dollar.
• Recently, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD (data feed from Kraken).
• The pair now has to gain pace for more gains above the $340 level in the near term.

Bitcoin cash price struggled a lot recently against the US Dollar formed bottom. BCH/USD has to move above the $340 level to gain strength.

Bitcoin Cash Price Uptrend

This past week there was a slow and steady decline in BCH price below the $350 level against the US Dollar. The price traded towards the $300 level, which just managed to hold declines. There were ranging moves above the $300 level and the price is now attempting an upside move. During the upside move, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD.

The trend line break is an encouraging sign above $310. However, the price needs to break the 23.6% Fib retracement level of the last decline from the $484 high to $290 low at $336. Once there is a break and close above $336-340 levels, there is a chance of buyers gaining strength in the near term. The next major stop for buyers should be around the $365 level and the 38.2% Fib retracement level of the last decline from the $484 high to $290 low.

As long as the price is above the $300 level, there is a chance of an upside move in BCH. However, if buyers fail to push the price above $335-340, there can be a retest of $300.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has just moved above the 50 level.

Major Support Level – $300

Major Resistance Level – $340

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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