Bitcoin Cash is currently trading at nearly $2,200 and this first week of 2018 seemed to be auspicious for the coin. The BCH – USD pair has to surpass the $2,700 quotation to enter again bulls market. That might be a bit of a challenge for the moment according to the coin’s slow increase.
The key moments of Bitcoin Cash are trying to surpass the resistance points placed at $2,600 and $2,700. On BCH – USD 4 hours graph, there is a crucial trend line of bears with a resistance placed at $2,600. The pair also has to overcome the quotations of $2,600 and $2,700 so that new increases become possible.
There can be noticed few problems regarding the superior side of the price. After a steep decrease to $2,000, the virtual coin has found its support line. According to NewsBTC.com, the price has started to return to its initial state and has stabilized to over $2,200. There were some attempts for it to grow further than $2,200, but the growths have tackled some obstacles on their way on the $2,800 and $2,700 quotations. Also, on the 4 hours graph, there is a bear trend line with a resistance of $2,600.
This trend line is acting as a major setback and is blocking all the increases that are bigger than $2,700.
The $2,600 – $2,700 zone is close to the SMA 100 value, therefore the pair is currently situated under fibbonaci retracement level of 50%.
To win some momentum, the cryptocurrency must overcome the $2,700 milestone and in this case, it would be possible to have a growth in price and reach $3,000. On the inferior side, the support is placed at $2,200 and $2,000.
Also, the Relative Strength Index for 4 hours is over the 50 level.