Bitcoin Cash rises upward near $1,130 and starts to recover against the USD but the recovery remains limited.
The 4 hour chart of the Bitcoin Cash to USD pair indicates that there is a significant bearish trend line near the $1,320 level that is forming with resistance. The price may continue to rise against the USD short term but sellers may start selling around $1,320-40.
The price of Bitcoin Cash is currently showing positive signs as it is above $1,150. On the upside, the pair may face resistance at $1,320.
The Huddle for Bitcoin Cash on the Upside
Over the last week, there was an increase in the pressure to sell Bitcoin Cash above $1,400. The price subsequently started to slope downward until or started trading below the support levels of $1,350 and $1,280.
At the $1200 pivot level, there was a break that opened the doors for more decline in price. This led the price as low as $1,120 forming a new low at $1,131.
After some time, the price attempted another upward correction moving above the resistance of $1,120. It was also able to break the 23.6% Fib level from the last $1,506 high to $1,131 low. Irrespective of this, the price has faced many barriers near $1,300. There was one hurdle at $1,128 a previous support level that may now prevent gains.
Also, there is a significant bearish trendline near the $1,320 resistance on the 4-hour chart.
Another hurdle is the 50% fib level from the $1,506 high to the $1,131 low which is positioned near $1,318.
From the weekly chart, the price may continue to rise to $1,300 near term but a break above $1,320 will be challenging.
The next few days or trading are critical to the success of Bitcoin Cash long and short term. Just like every other cryptocurrency, the market for Bitcoin Cash is highly speculative and trading is risky. No one can give an accurate prediction of what the future holds.