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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BTC Cash Price Tech Analysis – BCH/USD Breaks Short-term Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price after a nice upside move found sellers near the $1,600 level against the US Dollar.
  • There was a break below a short-term bullish trend line with support at $1,520 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently holding the $1,400 support, but it may remain under pressure for some time.

Bitcoin cash price lost momentum above $1,600 against the US Dollar. BCH/USD is currently correcting lower and is showing a few bearish signs.

Bitcoin Cash Price Resistance

There were decent gains this past week above $1,500 in bitcoin cash price against the US Dollar. The price traded above the $1,550 and $1,600 levels. However, the price was not able to maintain momentum above $1,600 and started a downside move. A high was formed at $1,617 and later the price corrected below $1,550. It also moved below the $1,400 support and the 100 hourly simple moving average.

Moreover, there was a break below a short-term bullish trend line with support at $1,520 on the hourly chart of BCH/USD. Later, the pair recovered and moved above the $1,400 level and the 100 hourly SMA. It corrected above the 23.6% Fib retracement level of the last decline from the $1,617 high to $1,381 low. However, the upside move failed near the $1,500 level. BCH price could not move above the $1,500 level and is currently trading in a bearish zone.

Bitcoin Cash Price Technical Analysis BCH USD

The 50% Fib retracement level of the last decline from the $1,617 high to $1,381 low was tested recently. It means the price completed an upside correction and it may decline once again towards or below $1,400. Below $1,400, the price mat decline towards $1,320.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved below the 50 level and is showing bearish signs.

Major Support Level – $1,400

Major Resistance Level – $1,500

 

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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Reason to trust

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