Bitcoin Money Price Technical Analysis– BCH/USD Dealing With Important Resistance

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Bottom line Bitcoin cash cost attempted an upside relocation above $1400 against the US Dollar but cannot gain momentum.This week’s highlighted significant bearish pattern line with resistance at $1300 is intact on the hourly chart of BCH/USD (data feed from Kraken). The price has to move above$1300 and

  • $1400 to acquire upside momentum in the near term.Bitcoin cash price is having a hard time to gain momentum

    above$1300 versus the United States Dollar. BCH/USD may get speed if it closes above$1400. Bitcoin Money Rate Upside Obstacle Just recently, there was a good effort by bitcoin money price above the$1300 level against the United States Dollar. However, the rate cannot acquire momentum above $1400 and declined once again. There was an effort to break this week’s highlighted significant bearish pattern line with existing resistance at$1300 on the per hour chart of BCH/USD. The mentioned effort failed because there was no break of the $1400 level.The pair moved down and traded below the 38.2 %Fib retracement level of the last wave from the $1000 swing low to

    $1533 high. It appears like the price is struggling to get rate above$1300 and the trend line resistance. A close above $1300, followed by$1400 is required for further gains. On the downside, the$1200 support and the 61.8%Fib retracement level of the last wave from the$1000 swing low to$1533 high are good buy zones.A break of the $1200 level could ignite a drawback wave toward the $1050 level. If there are further decreases, then$

    1000 might be tested. On the advantage, a close above $1400 would take the rate towards the $1650 level.Looking at the technical indications: Hourly MACD– The MACD for BCH/USD is primarily flat in the bearish zone.Hourly RSI(RelativeStrength Index)– The RSI for BCH/USD is currently well listed belowthe 50 level.Major Support Level–$1200 Significant Resistance Level–$ 1400 -leading Bitcoin News source given that 2012 Bitcoin Cash Cost Technical Analysis– BCH/USD Dealing With Essential Resistance