Last week, Bitcoin Cash has managed to overcome the $1,600 milestone and for further appreciations, a surpassing of the $2,200-$2,300 zone is mandatory.
Key moments for BitcoinCash
- It has passed through an ascending correction after recording the minimum of $1,340.
- On the BCH – USD graph for four hours, the major bear trend line has been pierced. The bear line has a resistance of $1,800.
- The BCH – USD pair is confronting two resistance points that are currently standing at $2,200 and $2,300.
The resistance of the price
Along the past week, the price of Bitcoin Cash has started to recover after a drop to $1,500. The virtual coin is clearly strengthened and the transactions are being placed at $1,700 and $1,800.
The Fibonacci retracement level is at 23.6%, related to the decline of $2,960 to $1,340 and the possibility of surpassing it was pretty big.
Therefore, the possibility of a new growth is pretty high, the price reaching over $1,900.
When the climbing happened, the major bear trend line has been surpassed and the resistance placed at $1,800 too.
This has come as a possitive thing for the traders interested in buying Bitcoin Cash and raised its price to $2,000.
However, around $2,200 and $2,300 values, there are two crucial points of resistance. Both values have their support points that are now acting as resistance.
All these resistances are representing some heavy barriers that are preventing the price from growing to $2,500. It is most probable that any depreciation will be ceased at $1,500.