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Bitcoin Cash Price Weekly Analysis: BCH/USD failed to settle above $600.

Bitcoin cash price neglected to settle above $600 and declined against the US Dollar. BCH/USD is at present testing a vital support zone close $540.

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price recouped and moved over the $520 and $540 resistance levels against the US Dollar.
  • There is a noteworthy contracting triangle shaping with support close $545 on the 4-hour chart of the BCH/USD match (information feed from Kraken).
  • The combine needs to remain over the $545 and $540 support levels to stay in an uptrend in the close term.

Bitcoin cash price neglected to settle above $600 and declined against the US Dollar. BCH/USD is at present testing a vital support zone close $540.

Bitcoin Cash Price Support

After a noteworthy decrease, bitcoin cash price discovered support close to the $465 level against the US Dollar. The BCH/USD match began a recuperation and moved over the $500, $520, $540 and $580 resistance levels. There was even a spike over the $600 level. Be that as it may, bitcoin cash price neglected to settle over the $600 level and discovered merchants close to the 100 straightforward moving normal (4-hours). A high was shaped at $613.7 and bitcoin cash price began declining.

It broke the 23.6% Lie retracement level of the last wave from the $468 low to $613 high. Nonetheless, bitcoin cash price is currently exchanging close to a noteworthy support region at $540. The expressed zone close $540-550 went about as a support prior and it could avoid decreases this time. There is likewise a noteworthy contracting triangle framing with support close $545 on the 4-hour chart of the BCH/USD combine. Additionally, the half Lie retracement level of the last wave from the $468 low to $613 high is close $540. In this way, a break and close underneath the $540 support could drive bitcoin cash price in a bearish zone.

BCHUSD Weekly Price Chart 19 August
BCHUSD Weekly Price Chart 19 August

Taking a gander at the chart, BCH price is at present holding the $540 support. On the off chance that it keeps on holding, it could bob back towards $600 and $620.

Taking a gander at the specialized pointers:

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

4-hours RSI (Relative Strength Index) – The RSI for BCH/USD is at present simply close to the 50 level.

Real Support Level – $540

Real Resistance Level – $600

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Written by Coinnounce Team

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