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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune
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Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Recover?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Bitcoin Cash Price Weekly Analysis BCH USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price has formed a support base around the $1480 level against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $1630 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair is still struggling to gain upside momentum above the $1700 and $1800 resistance levels.

Bitcoin cash price is holding the $1500 support against the US Dollar. BCH/USD needs to gain momentum above $1700-1800 to recover further in the near term.

Bitcoin Cash Price Support

There were mostly ranging moves in bitcoin cash price above the $1500 level against the US Dollar. The price has formed a base around the $1480-1500 levels and is currently consolidating in a range. It recently moved a few points higher and was able to move above the $1600 resistance. It also traded a few points above the 23.6% Fib retracement level of the last major decline from the $2125 high to $1480 low.

More importantly, there was a break above a crucial bearish trend line with resistance at $1630 on the 4-hours chart of BCH/USD. The pair is trading above the $1600 level and is trading in a range. It seems like BCH buyers are struggling to gain momentum above $1680-1700. However, the most important resistance is near the $1800 level. It also coincides with the 50% Fib retracement level of the last major decline from the $2125 high to $1480 low. Therefore, a 4-hour close above $1800 is must for the price to move above $2000 in the near term.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the $1480-1500 support area holds a lot of importance. A break and close below $1480 could ignite further declines toward $1200.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly moving up in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Level – $1500

Major Resistance Level – $1800

 

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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