RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD Holding Key Support at $540
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Bitcoin Cash Price Weekly Analysis: BCH/USD Holding Key Support at $540

19 Aug Bitcoin Cash Price Weekly Analysis: BCH/USD Holding Key Support at $540

Posted at 07:30h in Bitcoin News by

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Key Points

  • Bitcoin cash price recovered and moved above the $520 and $540 resistance levels against the US Dollar.
  • There is a major contracting triangle forming with support near $545 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to stay above the $545 and $540 support levels to remain in an uptrend in the near term.

Bitcoin cash price failed to settle above $600 and declined against the US Dollar. BCH/USD is currently testing an important support area near $540.

Bitcoin Cash Price Support

After a major decline, bitcoin cash price found support near the $465 level against the US Dollar. The BCH/USD pair started a recovery and moved above the $500, $520, $540 and $580 resistance levels. There was even a spike above the $600 level. However, the price failed to settle above the $600 level and found sellers near the 100 simple moving average (4-hours). A high was formed at $613.7 and the price started declining.

It broke the 23.6% Fib retracement level of the…

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