Filed Under:  Bitcoin Trading

Bitcoin Cash Price Weekly Analysis – BCH/USD Breaks Key Resistance

29th October 2017   ·   0 Comments

 

Key Points

  • Bitcoin cash price broke a major resistance area at $340 against the US Dollar and surged higher.
  • There was a break above a crucial bearish trend line with resistance at $345 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair is now back in the bullish zone above the $350 support area.

Bitcoin cash price surged higher and broke a key resistance at $340 against the US Dollar. BCH/USD has now turned buy on dips in the short term.

Bitcoin Cash Price Support

This past week, we saw many attempts by Bitcoin cash price to break the $340-350 resistance against the US Dollar. The price did move higher and manage to break the mentioned $340 and $350 resistance levels. The upside move was very positive and the price even succeeded in clearing the $400 handle. There was also a close above $350, $380 and the 100 simple moving average (4-hour).

Moreover, there was a break above a crucial bearish trend line with resistance at $345 on the 4-hours chart of BCH/USD. All this means that the pair is back in the bullish zone above $350. It traded as high as $425.10 recently and is currently correcting lower. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $306 low to $425 high near $395-400. The stated fib level and the $395 support is a key area since it was also a resistance earlier.

Bitcoin Cash Price Weekly Analysis BCH USD

Below $395, the most important support is near $365. It is also the 50% Fib retracement level of the last wave from the $306 low to $425 high. Overall, buying dips in the short term toward $380-365 can be considered.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought levels.

Major Support Level – $365

Major Resistance Level – $425

Charts courtesy – Trading View, Kraken


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