Weekly price analysis – Bitcoin Cash

The same as all the cryptocurrencies, the trend of Bitcoin Cash is under bearish influence and the coin has dropped under the $1,000 value as it was expected. As long as it sits at this level, the BCH – USD pair will encounter some difficulties when it comes to further appreciations.

Essential moments for Bitcoin Cash
  • It has maintained an ascending trend, and it has been one of the most stable coins, but unfortunately it is trading for less than $1,000 right now.
  • There is a major bearish trend line on the four hours graph, and the resistance is placed at $1,080.
  • The pair is strongly dominated by bears and there could happen short-term decreases to $800.

Last week hasn’t been so productive for Bitcoin Cash and the price has recorded a decline of over $250. The depreciation has been determined especially by transactions under $1,100 and the drop hasn’t stop even when it touched the resistance at $960. The minimum recorded was at $905, from where the coin has started to increase slowly. As long as the price is under the $1,100 mark, BCH is far from being stable and it will suffer further depreciations. If the maximum support line of $900 is broken, Bitcoin Cash will probably test values under $850.

The transactions have taken place above the Fibonacci retracement level of 23.6% and every attempt for appreciation as been stopped by the resistance of $1,060.