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Bitcoin & Ethereum & Bitcoin Cash Price Weekly Analysis

  • BTC/USD

 

  1. Bitcoin price formed a major bottom at the $9096 low and recovered well against the US Dollar.
  2. The BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart .
  3. The price must settle above the $12800 level to gain upside momentum in the near term.

Bitcoin price is gaining momentum above $11,500 against the US Dollar. BTC/USD is trading with a positive bias and it looks set to break the $12,800 resistance.

After a major decline, bitcoin price was able to find buyers below the $10,000 level against the US Dollar. A low was formed at $9096 from where an upside recovery was initiated. The price moved higher and was able to trade above the $10,000 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14,219 high to $9096 low.

There are many positive signs on the chart above $11,000. More importantly, the price is above the 50% Fib retracement level of the last decline from the $14,219 high to $9096 low. At the moment, the BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart. It is positive sign above $12,000. However, the pair has to settle above the $12,800 level to gain upside momentum. Moreover, the price should clear the 61.8% Fib retracement level of the last decline from the $14,219 high to $9096 low at $13,010.

Overall, it looks like the pair is around a crucial juncture below $13,000. Should bitcoin succeeds in moving above $13,000, there could be more gains in the near term above $15,000.

Looking at the technical indicators:              

4-hours MACD – The MACD is now slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level and is moving down slowly.

Major Support Level – $11,000

Major Resistance Level – $13,000

 

  • ETH/USD

 

  1. ETH price is trading nicely above the $1000 level and is moving positively against the US Dollar.
  2. There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD .
  3. The pair has to settle above $1150 and the 100 simple moving average (4-hours) to gain traction.

Ethereum price has recovered nicely against the US Dollar and Bitcoin. ETH/USD now has to break the $1150 and $1180 level to gain further momentum.

There was a slow and steady recovery initiated from the $750 swing low in ETH price against the US Dollar. The price gained traction and was able to move above the $900 resistance level. There was also a break above the 23.6% Fib retracement level of the last decline from the $1415 high to $753 low. There are many positive signs on the chart above $1000. However, the price is currently facing a major upside barrier near $1150 and $1180.

There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD. The trend line resistance at $1150 is also near the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last decline from the $1415 high to $753 low is at $1162. Therefore, there are many resistances on the upside around the $1150-1180 levels. Once there is a break and close above $1180, there can be more gains in the near term.

The next major resistance would be the 76.4% Fib retracement level of the last decline from the $1415 high to $753 low at $1259. On the downside, an initial support is at $1000. However, the most important support is now forming at $900.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $1000

Major Resistance Level – $1180

 

  • BCH/USD

 

  1. Bitcoin cash price started an upside correction from the $1340 swing low against the US Dollar.
  2. There was a break above a major bearish trend line with resistance at $1800 on the 4-hours chart of BCH/USD.
  3. The pair is now facing a couple of important resistance levels such as $2200 and $2300.

Bitcoin cash price has recovered nicely above $1600 against the US Dollar. BCH/USD must clear the $2200-2300 hurdle for more gains in the near term.

This past week, there was a recovery initiated bitcoin cash price from the $1500 swing low against the US Dollar. The price moved higher and was able to trade above the $1700 and $1800 resistance levels. There was also a break above the 23.6% Fib retracement level of the last drop from the $2960 high to $1340 low. It opened the doors for more gains and the price was able to move above the $1900 level.

During the upside move, there was a break above a major bearish trend line with resistance at $1800 on the 4-hours chart of BCH/USD. It helped buyers in pushing the price toward $2000. However, there is a crucial resistance around the $2200 and $2300 level. Both $2200 and $2300 levels provided support earlier, and now they may act as a resistance. Moreover, the 50% Fib retracement level of the last drop from the $2960 high to $1340 low is around $2150.

All these resistances are major barriers for an upside push toward $2500. On the downside, there are a few supports such as $1800. $1600 and $1500. Any downside reaction will most likely find support at $1500.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Level – $1500

Major Resistance Level – $2200

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