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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Cash Price Technical Analysis – BCH/USD Fails Once Again

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
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 an upside recovery from $1494, but failed to gain momentum against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $1600 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair traded higher, but failed to retain momentum and started a new downside move below $1600.

Bitcoin cash price is struggling to gain momentum above $1650-1700 against the US Dollar. BCH/USD may resume its downtrend and it could even break the $1500 support.

Bitcoin Cash Price Resistance

There was a minor recovery initiated in bitcoin cash price from the $1500 swing high against the US Dollar. The price moved higher after trading as low as $1494. It moved above the $1550 and $1600 resistance levels. There was also a break above a connecting bearish trend line with resistance at $1600 on the hourly chart of BCH/USD. The pair traded past the $1650 level, but it failed to gain momentum.

Even the 23.6% Fib retracement level of the last drop from the $2123 high to $1494 low was broken. However, BCH buyers failed to break the $1680-1700 resistance levels. It traded close to the 38.2% Fib retracement level of the last drop from the $2123 high to $1494 low before starting a fresh downside wave. BCH is currently trading below the $1600 level and it looks like the price could decline further.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the most important support is at $1500. An hourly close below $1500 could ignite further declines in BCH toward the $1420 level in the short term. On the upside, the price faces a strong resistance at $1680-1700.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is losing momentum and is moving back in the bearish zone.

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

Major Support Level – $1500

Major Resistance Level – $1680

 

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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