After losing most of last week’s gains, Bitcoin Cash (BCH) price found support at $700 and started recovering against the USD. The bulls gathered momentum forming support at $730 and even if the price is most likely going to dip again, it will still find support at $710 and $730. The Bitcoin Cash to USD pair is above the pivot level of $700 and it may appreciate up to $780 soon.
Bitcoin Cash Price (BCH) Price Analysis
During the week, Bitcoin Cash went as high as $830 before a downward correction was initiated and the price started to decline. It fell to the $800 level and broke the $750 support level. This decline was also below the 50% Fibonacci retracement level of the last rise from $750 to $830. The price closed below the $750 pivot level and below the 100 SMA.
Bitcoin Cash (BCH) Price Today / USD
The Bitcoin Cash (BCH) price tested $700 before the buyers started pushing. A bullish trendline was formed with support at the $730 level which served as a buy zone on the price charts. Since the 76.4% Fibonacci retracement levels of the last wave from $765 to $830 acted as support, the price started to rise again. It moved above the 100 simple moving average and the pivot level of $750. This opened the door for additional gains.
Weekly Analyze for Bitcoin Cash
The weekly view of the price chart indicate that the pair will most likely dip by a few points this week to the $730 and $740 support levels. The price prediction by Aayush Jindal reveals that the price will eventually gain more as long as it doesn’t dip below the $710 level.
The relative strength index of the Bitcoin Cash to USD trading pair is above 60 and the MACD on the 4-hour chart is fully in the bullish territory. The significant support is $730 while the significant resistance is at $800. The next few days of trading will determine if the price prediction will come true.