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

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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

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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