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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Technical Analysis – BCH/USD Breaks Past $2200

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Key Points

  • Bitcoin cash price gained heavy momentum and was able to move above $2000 against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with current support at $1850 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might correct a few points, but it remains supported above the $1900 level.

Bitcoin cash price made a nice upside move above $2000 against the US Dollar. BCH/USD may continue to gain pace and remains a buy around $1900.

Bitcoin Cash Price Buy Dips

Yesterday, we discussed how bitcoin cash price was preparing for more gains above $1850 against the US Dollar. The price made a nice upside move and traded above the $2000 level. The upside move was decent and the price traded above the $2200 level as well. A high was formed at $2291 from where a short-term correction was initiated. It declined below the 23.6% Fib retracement level of the last wave from the $1750 low to $2291 high.

However, the downside move was well protected by the $2000 level. The mentioned $2000 level was a resistance earlier and now it is acting as a support. Moreover, the price was rejected from the 50% Fib retracement level of the last wave from the $1750 low to $2291 high. On the downside, yesterday’s highlighted key bullish trend line with current support at $1850 is intact on the hourly chart of BCH/USD. The pair might continue to find buyers on the dips near the $2000 and $1900 levels.

Bitcoin Cash Price Technical Analysis BCH USD

More importantly, the 100 hourly simple moving average is at $1820 to act as a major support. Therefore, more gains are possible in BCH as long as the price is above $1800.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.

Major Support Level – $1900

Major Resistance Level – $2300

 

Charts courtesy – Trading View, Kraken

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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