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Bitcoin Cash Price Technical Analysis 2018-01-19

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 recovered well from the $1340 low to well above $1700 against the US Dollar.
  • However, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to overcome selling pressure around the $1900 and $2000 levels to gain momentum.

Bitcoin cash price has moved into the positive zone above $1700 against the US Dollar. BCH/USD now has to move past $2000 for more gains.

Bitcoin Cash Price Upside Hurdle

Yesterday, we saw the start of a decent recovery in bitcoin cash price from the $1340 low against the US Dollar. The price moved higher and succeeded in breaking the $1700 resistance. There was also a break above the 38.2% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low. The current price action is positive above the $1700 level, but BCH is facing a major hurdle on the upside.

At the moment, the 50% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low at $1870 is acting as a major hurdle. More importantly, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD. Therefore, there are two major resistance for more gains – $1900 and $2000. The pair has to move past $1900 and close above $2000 to gain further upside momentum.

Bitcoin Cash Price Technical Analysis BCH USD

Around the mentioned $2000, the price faces the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low is at $1997. On the downside, an initial support is at $1700 followed by the $1500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

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

Major Support Level – $1500

Major Resistance Level – $2000

 

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
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