Weekly price analysis – Bitcoin Cash

Bitcoin Cash is keeping its support of $1,500 this week. To recover on short-term, the pair BCH – USD needs to gain some momentum over the $1,700 – $1,800 area.

Essential moments for Bitcoin Cash
  •      The price has a support line of $1,480
  •      On the BCH – USD four hours graph, there can be noticed a major bear trend line of a $1,630 resistance.
  •      The pair is trying to gain some momentum over the resistance points of $1,700 and $1,800.
Bitcoin Cash’s price support

Bitcoin Cash has had its fluctuations over the $1,500 quotation, but it managed to consolidate around $1,480.

Recently, the cryptocurrency has been lightly appreciated and succeeded in surpassing the resistance of $1,600.

According to NewsBTC.com, trades were placed at values smaller than Fibonacci retracement level that is related to the major decline towards $1,480.

Even more important is that the major trend line of bears was pierced and the BCH – USD pair is trading now at over $1,600. The most important level of resistance is situated around $1,800 value and this is related to the Fibonacci retracement level of 50%.

The MACD for four hours is entering slowly the bulls zone and RSI is placed immediately over the 50 level.