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Bitcoin Cash Price Technical Analysis 2018-02-07

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 declined as low as $748 and is currently recovering against the US Dollar.
  • There was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • There is another bearish trend line on the upside with resistance at $1060 on the same chart.

Bitcoin cash price recovered nicely from the $748 low against the US Dollar. BCH/USD is currently above $900 and is facing resistances near $1,000 and $1,060.

Bitcoin Cash Price Recovery

There were further declines in bitcoin cash price below the $900 level against the US Dollar. The price even broke the $800 level and traded as low as $748. Later, the price started an upside correction and moved above the $800 level. It was able to move above the 23.6% Fib retracement level of the decline from the $1,160 high to $748 low as well.

More importantly, there was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD. The pair traded above the $900 level and made a decent recovery. However, there is another bearish trend line on the upside with resistance at $1060 on the same chart. Moreover, the price is currently testing the 50% Fib retracement level of the decline from the $1,160 high to $748 low. It is struggling to gain momentum above $950-960. It could move towards the $1,000 level, but an upside break above $1,000 won’t be easy.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the broken resistance at $900 is a support. Below $900, the price may retest the $800 support level if sellers come back in the action.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has just moved from the bearish to the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just managed to move back above the 50 level.

Major Support Level – $900

Major Resistance Level – $1,000

 

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.

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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