RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD Reaching Crucial Juncture
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Bitcoin Cash Price Weekly Analysis: BCH/USD Reaching Crucial Juncture

26 Aug Bitcoin Cash Price Weekly Analysis: BCH/USD Reaching Crucial Juncture

Posted at 10:30h in Bitcoin News by

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Key Points

  • Bitcoin cash price failed to gain momentum above the $540 level and declined against the US Dollar.
  • There is a major bearish trend line formed with resistance near $535 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above the $500 and $510 support levels to avoid a downside break in the near term.

Bitcoin cash price is showing a few bearish signs below $540 against the US Dollar. BCH/USD could make the next break either above $540 or below $500.

Bitcoin Cash Price Resistance

There was a strong buying interest emerged above the $500 level in bitcoin cash price against the US Dollar. The BCH/USD pair slowly moved higher and traded above the $520 resistance. There was also a break above the 23.6% Fib retracement level of the last decline from the $573 high to $509 low. However, there was a strong resistance near the $540 and $545 zone along with the 100 simple moving average (4-hours).

The price failed to gain momentum and struggled near the…

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