Weekly price analysis – Bitcoin Cash

Bitcoin Cash has not managed to overcome that $ 1,300 value and the BCH – USD pair needs to pierce the $ 1,300 resistance to gain some momentum and appreciate more in the near future. The coin is currently standing at the $ 1,270 price with a small increase in the past 24 hours of 1.28 %.

Essential moments for the Bitcoin Cash

  • In the past week, the virtual coin has been traded at values over the support line of $1,120
  • On the a BCH – USD graph for four hours , there is a bearish trend line with a resistance of $1,295.

Bitcoin Cash is encountering some obstacles on the superior side of the price and along the past week there is no major appreciation of the coin. It has been expected for the coin to already surpass that $1,300 value , but it didn’t and it is struggling to do so. The price reached only the first points of resistance of $1,250 and $1,300. At that moment, it dropped to $1,118, drop that marked a soft correction afterwards.

The fluctuations have surpassed the Fibonacci retracement level of 23.6 % that is related to the decline to $1,118. The growth of the price has confronted with the traders that were interested to sell at $1,300 level. On the superior side, the price must surpass the resistance of $1,300 to ensure its growth and so that bulls can manipulate the price towards $1,500.