RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD Sighting Further Upsides
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Bitcoin Cash Price Weekly Analysis: BCH/USD Sighting Further Upsides

30 Sep Bitcoin Cash Price Weekly Analysis: BCH/USD Sighting Further Upsides

Posted at 11:33h in Bitcoin News by

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Key Points

  • Bitcoin cash price gained traction and moved above the $500 barrier against the US Dollar.
  • There is a key contracting triangle in place with support near $510 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to break higher towards the $575 and $600 levels in the near term.

Bitcoin cash price is trading in a bullish zone above $500 against the US Dollar. BCH/USD may continue to find buyers on the downside near $500 and $480.

Bitcoin Cash Price Decline

This past week, there was a solid rally in bitcoin cash price from the $400 support zone against the US Dollar. The BCH/USD pair surged above the $450 and $500 resistance levels to move into a positive zone. There was even a close above the $475 level and the 100 simple moving average (4-hours). The price traded as high as $592 and later started a downside correction.

It corrected below the 23.3% Fib retracement level of the last wave from the $424 low to $592 high. However, the downside move…

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