Search Inside Bitcoins

Bitcoin Cash Price Weekly Analysis: BCH/USD Holding Key Support at $540

 

Key Points

  • Bitcoin cash price recovered and moved above the $520 and $540 resistance levels against the US Dollar.
  • There is a major contracting triangle forming with support near $545 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to stay above the $545 and $540 support levels to remain in an uptrend in the near term.

Bitcoin cash price failed to settle above $600 and declined against the US Dollar. BCH/USD is currently testing an important support area near $540.

Bitcoin Cash Price Support

After a major decline, bitcoin cash price found support near the $465 level against the US Dollar. The BCH/USD pair started a recovery and moved above the $500, $520, $540 and $580 resistance levels. There was even a spike above the $600 level. However, the price failed to settle above the $600 level and found sellers near the 100 simple moving average (4-hours). A high was formed at $613.7 and the price started declining.

It broke the 23.6% Fib retracement level of the last wave from the $468 low to $613 high. However, the price is now trading near a major support area at $540. The stated zone near $540-550 acted as a support earlier and it could prevent declines this time. There is also a major contracting triangle forming with support near $545 on the 4-hours chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last wave from the $468 low to $613 high is near $540. Therefore, a break and close below the $540 support could push the price back in a bearish zone.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, BCH price is currently holding the $540 support. If it continues to hold, it could bounce back towards $600 and $620.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is about to move back into the bearish zone.

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

Major Support Level – $540

Major Resistance Level – $600

 

The post Bitcoin Cash Price Weekly Analysis: BCH/USD Holding Key Support at $540 appeared first on NewsBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close