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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Bitcoin Cash Price Technical Analysis – BCH/USD Approaching Key

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price started a downside correction after trading toward $2800 against the US Dollar.
  • There is a key bullish trend line forming with support at $2450 on the hourly chart of BCH/USD (data feed from Kraken).
  • The 100 hourly simple moving average is also around $2450 to act as a support.

Bitcoin cash price is correcting lower towards $2400 against the US Dollar. BCH/USD must stay above $2450-2400 to avoid further declines.

Bitcoin Cash Price Correction

We saw further upsides in bitcoin cash price above the $2700 level against the US Dollar. The price traded close to the $2800 level where it faced sellers. A high was formed at $2782 from where a downside correction was initiated. It moved below the 23.6% Fib retracement level of the last wave from the $2220 low to $2782 high. However, there are many supports on the downside around the $2400 and $2450 levels.

At the moment, the price is trading just below the 50% Fib retracement level of the last wave from the $2220 low to $2782 high. On the downside, there is a key bullish trend line forming with support at $2450 on the hourly chart of BCH/USD. The same trend line support at $2450 coincides with the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $2220 low to $2782 high is also around $2430. Therefore, it seems like the $2400-2450 support zone may act as a strong buy zone in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, an initial resistance is at $2650. A break above $2650 could open the gates for a move toward $2800 and $3000 in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now below 50 and is moving lower.

Major Support Level – $2450

Major Resistance Level – $2650

 

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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