Bitcoin Cash Price Weekly Analysis: BCH/USD Sell on Rallies Near 0
- Bitcoin cash price found support near the $ 420 level and later recovered against the US Dollar.
- There is a key bearish trend line formed with resistance at $ 470 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to face a lot of selling interest near the $ 470 and $ 500 levels in the near term.
Bitcoin cash price is under pressure below $ 500 against the US Dollar. BCH/USD remains sell on rallies near the $ 470 and $ 480 levels.
Bitcoin Cash Price Analysis
This past week, we saw a major downside move below the $ 520 and $ 500 supports in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $ 450 support. There was also a close below the $ 450 level and the 100 simple moving average (4-hours). It traded close to the $ 400-410 support area and formed a low at $ 421. Later, the price started an upside correction and moved above the $ 430 level.
At present, the price is testing the 23.6% Fib retracement level of the last decline from the $ 531 high to $ 421 low. If there is a break above the $ 450 and $ 455 resistance levels, the price may climb towards the next important hurdle at $ 470-475. There is also a key bearish trend line formed with resistance at $ 470 on the 4-hours chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last decline from the $ 531 high to $ 421 low is also positioned near the $ 476 level. Therefore, sellers are likely to appear near $ 470-475 if the price continues to climb higher.
Looking at the chart, BCH price may perhaps hold the $ 400 support area for some time and it could correct towards $ 470-475.
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 is recovering above the 30 level.
Major Support Level – $ 420
Major Resistance Level – $ 470
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