Bitcoin Cash Price Weekly Analysis – Can BCH/USD Recover?

THELOGICALINDIAN - Key Points

Bitcoin banknote amount is captivation the $1500 abutment adjoin the US Dollar. BCH/USD needs to accretion drive aloft $1700-1800 to balance added in the abreast term.

Bitcoin Cash Price Support

There were mostly alignment moves in bitcoin banknote amount aloft the $1500 akin adjoin the US Dollar. The amount has formed a abject about the $1480-1500 levels and is currently accumulation in a range. It afresh confused a few credibility college and was able to move aloft the $1600 resistance. It additionally traded a few credibility aloft the 23.6% Fib retracement akin of the aftermost above abatement from the $2125 aerial to $1480 low.

More importantly, there was a breach aloft a acute bearish trend band with attrition at $1630 on the 4-hours blueprint of BCH/USD. The brace is trading aloft the $1600 akin and is trading in a range. It seems like BCH buyers are disturbing to accretion drive aloft $1680-1700. However, the best important attrition is abreast the $1800 level. It additionally coincides with the 50% Fib retracement akin of the aftermost aloft abatement from the $2125 aerial to $1480 low. Therefore, a 4-hour abutting aloft $1800 is charge for the amount to move aloft $2000 in the abreast term.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the $1480-1500 abutment breadth holds a lot of importance. A breach and abutting beneath $1480 could burn added declines against $1200.

Looking at the abstruse indicators:

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

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

Major Support Level – $1500

Major Resistance Level – $1800

Charts address – Trading View, Kraken