Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline Below $160

Key Issues

  • Bitcoin money worth is these days consolidating and it would decline underneath $160 towards the United States Buck.
  • There’s a primary bearish pattern line shaped with resistance at $190 at the Four-hours chart of the BCH/USD pair (knowledge feed from Kraken).
  • The pair is suffering to wreck the $190-200 resistance house and it would decline sharply.

Bitcoin money worth is in a downtrend underneath $200 towards the United States Buck. BCH/USD may achieve power as soon as dealers achieve tempo underneath $160.

Bitcoin Money Worth Research

This previous week, there used to be a cast upside correction from the $150 reinforce house in bitcoin money worth towards the United States Buck. The BCH/USD pair shaped a low at $146 and climbed above the $160, $180 and $190 resistance ranges. There used to be even a ruin above the $200 barrier, however patrons failed to carry beneficial properties. Consequently, there used to be a recent decline underneath $190 and the cost remained neatly underneath the 100 easy shifting reasonable (Four-hours).

All through the decline, there used to be a ruin underneath the 61.eight% Fib retracement degree of the closing wave from the $146 low to $206 prime. The cost is these days consolidating above the $160 reinforce and it stays at a possibility of extra losses. A ruin underneath the 76.Four% Fib retracement degree of the closing wave from the $146 low to $206 prime is imaginable. As soon as there’s a shut underneath $160, the cost might slide underneath the $150 reinforce as neatly. At the upside, there’s a primary bearish pattern line shaped with resistance at $190 at the Four-hours chart of the BCH/USD pair.

Bitcoin Cash Price Weekly Analysis BCH Chart

Taking a look on the chart, BCH worth might ruin the $190 and $200 resistance ranges to climb upper. If now not, there’s a possibility of a drawback ruin underneath $160.

Taking a look on the technical signs:

Four-hours MACD – The MACD for BCH/USD is flat within the bearish zone.

Four-hours RSI (Relative Energy Index) – The RSI for BTC/USD is these days simply above the 40 degree.

Primary Give a boost to Degree – $160

Primary Resistance Degree – $190

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