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Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Down

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price declined sharply and broke a major support area near $1,450 against the US Dollar.
  • There was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair traded as low as $1,312 and it is currently correcting higher.

Bitcoin cash price has moved back into the bearish zone against the US Dollar. BCH/USD is likely to face sellers on the upside near $1,450 and $1,500.

Bitcoin Cash Price Resistance

There were no further gains in bitcoin cash price above the $1,600 level against the US Dollar. The price started a downside move from well above $1,550 and broke many important support levels. It even traded below the $1,500 support and settled below the 100 hourly simple moving average. The decline looks real below $1,500 and it seems like the price has moved back into the bearish zone.

During the downside move, there was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD. The pair even broke the $1,400 level and traded close to $1,300. A low was formed near $1,312 before the price started an upside correction. It traded a few points above the 23.6% Fib retracement level of the last decline from the $1.538 high to $1,312 low. However, it seems like the price is struggling to correct further above $1,400 and it could decline once again.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,312 is a short-term support. Once there is a close below $1,312 and $1,300, there could be further declines. On the upside, the $1,400 and $1,450 levels are important resistances.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels with bearish signs.

Major Support Level – $1,300

Major Resistance Level – $1,450

 

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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