During the week, the price of Bitcoin Cash was able to stay in the positive territory above $1,000. BCH has settled above $1,200 against USD and it may gain traction in the near term. Before making an attempt to cross $1,200, Bitcoin Cash will trade in range.
Bitcoin Cash Price Analysis
During the past week, Bitcoin Cash took a few swings above $1,000 and even though it dipped back below, it was move below the 23.6% fib level of the last wave from $1,219 to $868. The declines were capped and limited as the price found support near $1,040. Also, the 100 day simple moving average based on the 4 your chart was a significant support near $1,040.
The 50% retracement level from the last hike from $868 to $1,219 served as an excellent buy zone. Due to this, the price was able to hold the decline and crossed the $1,040 support. A stronger barrier was formed around $1,200 and $1,180. There is a bearish trendline that has formed with resistance around $1,200 on the 4-hour chart. Bitcoin Cash to USD is trading in range as it Prepares to move to another level which will most likely be $1,200.
From the price chart, it the price crosses the $1,000, it will be in a bullish territory and be ready to gain more. As long as it holds above the 100 simple moving average, the price will break $1,200 and move even higher.
From the technical indicators, the relative strength index is placed firmly at the 50 level on the 4 hour charts while the MACD is moving to the bullish zone slowly. Traders should look out for the next major support level which is $1,040 and the next significant resistance level which is $1,200.
The next few trading sessions are crucial in determining the short-term fate of Bitcoin Cash in the market.
