Bitcoin Cash Price Weekly Analysis: Facing Tough Resistance

Key Points

Bitcoin money cost began another upside wave from the $650 bolster region against the US Dollar.

There are two bearish pattern lines framed with opposition at $770 and $810 on the 4-hours outline of the BCH/USD combine (information feed from Kraken).

The combine must break and settle over the $800 opposition zone to pick up upside force.

Bitcoin money cost is gradually recuperating above $700 against the US Dollar. BCH/USD needs to move past the $800-810 obstruction to stay in a bullish zone in the close term.

Bitcoin Cash Price Resistance

This previous week, there were substantial misfortunes in bitcoin money cost underneath the $1,000 level against the US Dollar. The BCH/USD match declined and broke the $800 and $700 bolster levels. Be that as it may, the $650 level went about as a respectable help and averted additionally decays. A low was shaped at $651 and the cost began an upward recuperation. It picked up pace and broke the 23.6% Fib retracement level of the last decay from the $931 high to $651 low.

Nonetheless, the cost is confronting a noteworthy obstacle around the $800 level. There are two bearish pattern lines shaped with obstruction at $770 and $810 on the 4-hours diagram of the BCH/USD match. The half Fib retracement level of the last decrease from the $931 high to $651 low is additionally situated close $791. All the more critically, the 100 straightforward moving normal (4-hours) is likewise situated close to the $800 level to go about as a noteworthy obstruction.

Taking a gander at the outline, the cost must break and settle over the $800 opposition zone to move assist higher in the close term. The following opposition above $800-810 is around the $900 level. On the drawback, bolsters are seen close to the $720, $700 and $650 levels.

Technical indicators:

4-hours MACD – The MACD for BCH/USD is back in the bullish zone with positive signs.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well over the 50 level.

Significant Support Level – $700

Significant Resistance Level – $810