Bitcoin Cash Price Technical Analysis – Can BCH/USD Bounce Back?

Key Points

  • Bitcoin cash price started a downside correction from the $1380 swing high against the US Dollar.
  • There is a major bullish trend line forming with support at $1190 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price remains supported on the downside near the $1200 and $1190 support levels.

Bitcoin cash price recently corrected lower towards $1100 against the US Dollar. BCH/USD needs to move above $1250 for more gains.

Bitcoin Cash Price Support

There was a nice upside move in bitcoin cash price this past week from $840 to well above $1300 against the US Dollar. The price traded as high as $1380 from where a downside correction was initiated. It moved below the 23.6% Fib retracement level of the last wave from the $840 low to $1380 high. However, the downside move was protected by the $1120 support and the 100 hourly simple moving average.

Moreover, the 38.2% Fib retracement level of the last wave from the $840 low to $1380 high also acted as a support. It seems like there is a major bullish trend line forming with support at $1190 on the hourly chart of BCH/USD. The trend line support near $1200 and the 100 hourly SMA is currently preventing downsides below $1200. On the downside, the next important support is near $1040. However, before $1040, the 50% Fib retracement level of the last wave from the $840 low to $1380 high near $1107 might act as a support.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, the pair is supported on the downside around $1190 and $1040. Having said that, buyers need to push the price above the $1250 level if they have to resume the uptrend. Moreover, the $1280 level is also a major hurdle in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level with a few bullish signs.

Major Support Level – $1190

Major Resistance Level – $1250

 

Charts courtesy – Trading View, Kraken

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Bitcoin Cash Price Weekly Analysis – BCH/USD Upsides Remain Capped

Key Points

  • Bitcoin cash price recovered well from the $835 swing low against the US Dollar to trade above $1000.
  • There is a major descending channel forming with resistance at $1225 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • Upsides remain capped as long as the pair is below the $1250 resistance zone in the near term.

Bitcoin cash price is struggling to break $1250 against the US Dollar. BCH/USD might continue to struggle as long as there is no close above $1250-1300.

Bitcoin Cash Price Resistance

This past week we saw a major decline in bitcoin cash price from the $2600 swing high against the US Dollar. The price traded below the $2000, $1500 and $1000 support levels. A low was formed at $835 from where the price started an upside correction. Moreover, the 100 simple moving average (H4), currently at $950 also acted as a support and prevented losses. There was a corrective wave above the $1000 level.

However, the price struggled to move above the 23.6% Fib retracement level of the last decline from the $2600 high to $835 low. There is also a major descending channel forming with resistance at $1225 on the 4-hours chart of BCH/USD. The same channel resistance is acting as a monster hurdle for buyers near $1225-1250. As long as the price is below $1250, it remains in a downtrend. Upsides remain capped until there is a close above the channel resistance at $1250.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the 100 simple moving average (H4), currently at $950 is a major support area. Below $950, the channel support is at $680. Therefore, if the pair fails to move above $1250, there is a chance of a downside move toward $950 or even $700.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is about to move into the bearish zone.

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

Major Support Level – $950

Major Resistance Level – $1250

 

Charts courtesy – Trading View, Kraken

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Bitcoin Price Weekly Analysis – BTC/USD Eyes New High

Key Points

  • Bitcoin price is in super bullish trend and it recently traded above $7950 against the US Dollar.
  • There is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now well supported above the $7500 level and eyes a new high above $8000.

Bitcoin price is gaining pace above $7500 against the US Dollar. BTC/USD might soon break $8000 for more gains above $8050.

Bitcoin Price Uptrend

There was a sharp bounce in bitcoin price from the $5800-6000 swing area against the US Dollar. The price moved above the $7000 and $7500 resistance levels. The upside move was strong and the price even traded close to the $8000 level. A new all-time high was formed at $7998 from where the price started a correction. It moved below the 50% Fib retracement level of the last wave from the $7105 low to $7998 high.

However, the downside move was supported by the $7500 level. Moreover, the 61.8% Fib retracement level of the last wave from the $7105 low to $7998 high also acted as a support. The price is now moving back higher and eyes a test of the $8000 level. On the upside, there is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD. The pair might test this trend line again and form a new all-time high above $8000 in the near term.

Bitcoin Price Weekly Analysis BTC USD

On the downside, the price is well above the $7500 support and the 100 simple moving average (H4). There is also a bullish trend line with support at $7650 on the same chart. Therefore, buying dips in the short term remains a good deal above $7500.

Looking at the technical indicators:              

4-hours MACD – The MACD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $7500

Major Resistance Level – $8000

 

Charts courtesy – SimpleFX

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Ethereum Price Weekly Analysis – ETH/USD Breaks Imp Resistance

Key Highlights

  • ETH price made a nice upside move and traded above the $328 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $337 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair remains in an uptrend and it will most likely trade above the recent high of $347.

Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD broke a key resistance for further gains above $347.

Ethereum Price Support

This past week was mostly bullish for ETH price as it moved above the $320 resistance level against the US Dollar. The upside move was steady and the price was also able to break an important resistance at $328. The mentioned break has opened the doors for more gains above the $345 level in the near term. The price traded as high as $347.63 today and looks set for more gains in the near term.

An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $319.93 low to $347.63 high. However, the most important support is near $337. There is a major bullish trend line forming with support at $337 on the 4-hours chart of ETH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $319.93 low to $347.63 high is also close to the trend line support. Therefore, any correction from the current levels might find bids near $337-335.

Ethereum Price Weekly Analysis ETH USD

On the upside, the price will most likely break the recent high of $347.63. Above this last, the pair is likely to move above $350 for further gains. In the short term, dips toward $337 and $328 can be seen as a buying opportunity as long as the price is above $320.

4-hours MACD – The MACD is mostly in the bullish zone.

4-hours RSI – The RSI is currently approaching the 70 level.

Major Support Level – $337

Major Resistance Level – $347

 

Charts courtesy – SimpleFX

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Ethereum Price Technical Analysis – ETH/USD Corrects Lower

Key Highlights

  • ETH price started a minor correction from the $337.65 swing high against the US Dollar.
  • There was a break below yesterday’s highlighted major bullish trend line with support at $326.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price tested the $318 support area where appeared and protected further declines.

Ethereum price moved a few points down against the US Dollar and Bitcoin. ETH/USD is currently above $326 and facing hurdles on the upside.

Ethereum Price Resistance

There was no major move above the $336-337 resistance in ETH price against the US Dollar. The price started a downside move and traded below the 38.2% Fib retracement level of the last wave from the $306.73 low to $337.65 high. More importantly, there was a break below yesterday’s highlighted major bullish trend line with support at $326.50 on the hourly chart of ETH/USD.

It has opened the doors for further corrections as long as the price is below $336-337. The last downside wave was protected by the $318 support and the 50% Fib retracement level of the last wave from the $306.73 low to $337.65 high. Moreover, the 100 hourly simple moving average near $318.50 acted as a support and prevented declines. The pair is now moving back higher and is currently trading above $326. On the upside, there is a connecting bearish trend line with resistance at $328.50.

Ethereum Price Technical Analysis ETH USD

As long as the price is below the $336 and $337 levels, there is a chance of another downside move back toward $322. However, any major declines below $318 and 100 hourly simple moving average should be limited. There can be a couple of swing moves below $336 before the price attempts the next move.

Hourly MACD – The MACD is mostly flat with minor bullish signals.

Hourly RSI – The RSI is currently just above the 50 level with no major bearish signal.

Major Support Level – $318

Major Resistance Level – $337

 

Charts courtesy – SimpleFX

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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Down

Key Points

  • Bitcoin cash price broke down and traded below the $1000 handle against the US Dollar.
  • This week’s highlighted bearish trend line with current resistance at $1050 is in place on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is currently recovering but it will most likely face sellers near $1050 and $1100.

Bitcoin cash price traded lower sharply below $1000 against the US Dollar. BCH/USD is now under pressure and remains sell on rallies.

Bitcoin Cash Price Resistance

There was no major recovery in bitcoin cash price yesterday above $1200 against the US Dollar. The price started a sharp downside move and traded below a couple of important support levels like $1050 and $1000. The decline was strong and the price traded close to $800. A low was formed near $835 from where a recovery wave is initiated. The price has moved above the 23.6% Fib retracement level of the last drop from the $1220 high to $835 low.

However, this week’s highlighted bearish trend line with current resistance at $1050 is in place on the hourly chart of BCH/USD. The same trend line resistance is near $1050. So, the previous support at $1050 may now act as a resistance for buyers in the near term. It also coincides with the 50% Fib retracement level of the last drop from the $1220 high to $835 low.

Bitcoin Cash Price Technical Analysis BCH USD

The current recovery is positive, but a break below $1050 was negative. Therefore, bitcoin cash price might continue to face sellers near $1050 and $1100. On the downside, an initial support is around $900. Below $900, the price will most likely retest the recent low of $835.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is still in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is recovering from the overbought levels, but it is below 50.

Major Support Level – $850

Major Resistance Level – $1050

 

Charts courtesy – Trading View, Kraken

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Ethereum Price Technical Analysis – ETH/USD Short-term Correction

Key Highlights

  • ETH price started a new downside wave from the $305.22 swing high against the US Dollar.
  • There is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to move down towards the $291 and $288 support levels.

Ethereum price is in a short-term declining phase against the US Dollar and Bitcoin. ETH/USD might retest $288 to gather bids in the near term.

Ethereum Price Downside Move

There was an upside move recently in ETH price above the $300 level against the US Dollar. The price traded as high as $305.22 where sellers appeared and protected by upsides. A new short-term downside wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. At the moment, the price is approaching the $291 support and the 100 hourly simple moving average.

The 38.2% Fib retracement level of the last wave from the $274.65 low to $305.22 high is also near $293 to provide support. However, the most important support is near the previous resistance at $288. The mentioned level is just below the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. Therefore, the $290-288 support area might hold the current decline.

Ethereum Price Technical Analysis ETH USD

On the upside, there is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD. Once there is a break above the trend line resistance at $293.80, there are chances of more upsides in the near term. The next major resistance on the upside is at $305.00 followed by the $308-310 area.

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level with slight bearish signs.

Major Support Level – $288

Major Resistance Level – $294

 

Charts courtesy – SimpleFX

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Bitcoin Cash Price Technical Analysis – BCH/USD Gaining Momentum

Key Points

  • Bitcoin cash price started a new upside wave after a minor correction towards $560 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $600 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might dip a few points once again, but most likely to find support near $600.

Bitcoin cash price is poised for more gains above $600 against the US Dollar. BCH/USD might retest $680 or could even break it.

Bitcoin Cash Price Trend

The past few days were very bullish for Bitcoin cash price as it moved above $580 and $600 against the US Dollar. After trading as high as $684, there was a minor correction initiated. The price traded as low as $560 where buyers appeared and protected further declines. A new upside wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $684 high to $560 low.

During the upside move, there was a break above a major bearish trend line with resistance at $600 on the hourly chart of BCH/USD. The pair also broke the 50% Fib retracement level of the last decline from the $684 high to $560 low. These all are positive signs and calling for more gains above $600. At present, the price is facing resistance near $640 and the 61.8% Fib retracement level of the last decline from the $684 high to $560 low. Therefore, there is a chance of a minor correction towards the $620 or $600 levels.

Bitcoin Cash Price Technical Analysis BCH USD

Any major correction should be limited by $600 considering the current market sentiment since BCH remains a buy on dips.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed well in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 62 level.

Major Support Level – $600

Major Resistance Level – $640

 

Charts courtesy – Trading View, Kraken

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Bitcoin Cash Price Weekly Analysis – BCH/USD Holding Uptrend Support

Key Points

  • Bitcoin cash price surged higher this past week and broke $600 against the US Dollar.
  • There is a major bullish trend line forming with support at $600 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair must remain above the $600 handle if it has to stay in the bullish zone.

Bitcoin cash price rocketed higher towards $700 against the US Dollar. BCH/USD is currently correcting and holding an important support at $600.

Bitcoin Cash Price Support

It was a bullish week for Bitcoin cash price as it climbed above the $500 and $600 levels against the US Dollar. The price even made a nice upside move above $650 to test the $700 handle. However, it failed at $684 and started a downside correction. There was a downside reaction towards below the 23.6% Fib retracement level of the last wave from the $430 low to $684 high.

However, the downside move found support near $585. The 38.2% Fib retracement level of the last wave from the $430 low to $684 high also protected losses. On the downside, there is a major bullish trend line forming with support at $600 on the 4-hours chart of BCH/USD. As long as the pair remains above the trend line support and $600, it is likely to continue moving higher. On the upside, the $650 and $685 levels are resistance levels. However, the most important resistance is near $700.

Bitcoin Cash Price Weekly Analysis BCH USD

On the other hand, a break of $600 could ignite a wave towards $550 and the 50% Fib retracement level of the last wave from the $430 low to $684 high. The overall trend is bullish as long as the price is above $600.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 60 level.

Major Support Level – $600

Major Resistance Level – $685

 

Charts courtesy – Trading View, Kraken

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Ethereum Price Weekly Analysis – ETH/USD to Break Higher

Key Highlights

  • ETH price after a decline towards $274 against the US Dollar found support and recovered well.
  • There is a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair has to break the $305 resistance and settle above the 100 SMA (H4) to challenge $340.

Ethereum price is back in the positive zone against the US Dollar and Bitcoin. However, ETH/USD needs to gain momentum above $305 and $310 for more gains.

Ethereum Price Resistance

This past week, we saw a couple of swing moves in ETH price towards $274 against the US Dollar. The price tested a major support area at $274 and started an upside move. The recovery was solid as the price moved above $300 and the 100 simple moving average (H4). However, the upside move was capped by the $305.50 resistance. There is also a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD.

The trend line resistance prevented gains and pushed the price back below $300 and 100 SMA (H4). The price is currently trading near the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. There is a decent support at $289.00 and the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. It must hold losses below $288 in the short term or there is a risk of a downside move towards $280.

Ethereum Price Weekly Analysis ETH USD

On the upside, buyers need to break the trend line resistance and $305 for more gains. The next resistance is at $310 followed by the $325. The most important resistance is at $340 where sellers would appear.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $289

Major Resistance Level – $305

 

Charts courtesy – SimpleFX

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