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BTC Cash Price Tech Analysis – BCH/USD Consolidating Below $1720

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price is consolidating in a range above the $1500 support against the US Dollar.
  • There is an ascending channel forming with support at $1600 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair has to break the $1720 resistance level to gains upside momentum toward $2000.

Bitcoin cash price mostly traded in a range above $1500 against the US Dollar. BCH/USD has to move past $1720-1750 to move further higher in the near term.

Bitcoin Cash Price Support

There was no major upside move in bitcoin cash price above the $1650 level against the US Dollar. The price mostly traded in a tiny range with a slight bullish angle toward $1700. There was a low formed at $1500 from where the price moved higher. There was a slow and steady upside move above the $1600 level and the 100 hourly simple moving average.

Buyers push the price above the 23.6% Fib retracement level of the last major decline from the $2085 high to $1500 swing low. Moreover, there was a break above a major bearish trend line with resistance at $1650. It opened the doors for more gains toward $1700. At the moment, it seems like there is an ascending channel forming with support at $1600 on the hourly chart of BCH/USD. On the upside, the channel resistance is at $1720. It also coincides with the 38.2% Fib retracement level of the last major decline from the $2085 high to $1500 swing low.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, a break and close above $1720 is needed for an upside push toward $1800. Above $1800, the price may head toward the $2000 resistance level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is positive, but there is no major bullish signal.

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

Major Support Level – $1600

Major Resistance Level – $1720

 

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.

Read more

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

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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