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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Cash Price Technical Analysis – BCH/USD to Gain Further?

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 slowly moving higher and is currently above the $1680 level against the US Dollar.
  • There is a new ascending channel forming with support at $1660 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may continue to move higher since there are a lot of positive signs with a break above $1650.

Bitcoin cash price is gaining upside momentum above $1650 against the US Dollar. BCH/USD is likely to gain further, but for that it has to settle above $1700.

Bitcoin Cash Price Trend

There was a minor bounce in bitcoin cash price from the $1550 swing low against the US Dollar. The price gained traction and it was able to move above the $1600 and $1650 resistance levels. The upside move was positive with a break above the $1700 level. A high was formed near $1756 from where a downside correction was initiated. BCH moved below the 23.6% Fib retracement level of the last leg up from the $1556 low to $1756 high.

At the moment, it seems like there is a new ascending channel forming with support at $1660 on the hourly chart of BCH/USD. The pair is currently testing the 38.2% Fib retracement level of the last leg up from the $1556 low to $1756 high. Below the channel support, the 100 hourly simple moving average at $1640. It also coincides with the 50% Fib retracement level of the last leg up from the $1556 low to $1756 high. Therefore, the $1640-1650 support area holds a lot of importance in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the price may soon break $1700 one more time to challenge the $1750 swing high.

Looking at the technical indicators:

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

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

Major Support Level – $1650

Major Resistance Level – $1750

 

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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Comments 1

  1. Bowie Yip says:
    7 years ago

    Hi. Good day to you. Can i know who should liaise with if i need posting own token news and look for article writer ?

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  1. Bowie Yip says:
    7 years ago

    Hi. Good day to you. Can i know who should liaise with if i need posting own token news and look for article writer ?

    Reply

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