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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Cash Technical Analysis – BCH/USD Crashes Below $1500

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 came under a lot of pressure and traded below the $1500 support against the US Dollar.
  • There is a new bearish trend line forming with current resistance at $1580 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting higher, but it is likely to face sellers near $1480 and $1500.

Bitcoin cash price declined sharply below $1500 against the US Dollar. BCH/USD is under a lot of pressure and it could even break the $1400 support.

Bitcoin Cash Price Decline

There was no recovery in bitcoin cash price as it failed to move above the $1650 level against the US Dollar. The price declined sharply and broke a few important support levels such as $1550 and $1500. It traded close to the $1400 level and formed a low at $1392. At the moment, the price is correcting higher and is testing the 23.6% Fib retracement level of the last decline from the $1638 high to $1392 low.

On the upside, the broken support at $1475 is likely to act as a resistance in the near term. It could act as a major hurdle for buyers and prevent upsides above $1500. Above $1500, the 50% Fib retracement level of the last decline from the $1638 high to $1392 low may act as a resistance. There is also a new bearish trend line forming with current resistance at $1580 on the hourly chart of BCH/USD.

Bitcoin Cash Price Technical Analysis BCH USD

The trend line resistance at $1580 is above the 61.8% Fib retracement level of the last decline from the $1638 high to $1392 low. Therefore, any major recoveries from the current levels is likely to be capped.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the extreme oversold levels.

Major Support Level – $1400

Major Resistance Level – $1500

 

Charts courtesy – SimpleFX

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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

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

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