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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold Uptrend?

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 is struggling to break the $1,280-90 resistance area against the US Dollar.
  • There is a short-term connecting bullish trend line forming with support at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair must stay above the $1,200 level to move further higher towards the $1,350 level.

Bitcoin cash price is facing a tough challenge below the $1,300 level against the US Dollar. BCH/USD has to gain strength above $1,280 to rise further.

Bitcoin Cash Price Trend

There was an attempt recently to move above the $1,280 and $1,290 resistance levels in bitcoin cash price against the US Dollar. However, the price faced a lot of sellers near $1,290 and it could not move above the $1,300 level. As a result, there was a downside move and the price broke the $1,250 support. There was also a break below the 23.6% Fib retracement level of the last wave from the $1,125 low to $1,282 high.

The downside move is currently finding support near $1,220. There is also a short-term connecting bullish trend line forming with support at $1,220 on the hourly chart of BCH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $1,125 low to $1,282 high is acted as a support. If the pair fails to stay above the $1,220 level, it could test the 100 hourly simple moving average. An intermediate support is around the 50% Fib retracement level of the last wave from the $1,125 low to $1,282 high.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, a break above the $1,280-90 zone is needed for more gains. Above $1,290, the price may perhaps move above $1,300 for a test of $1,350.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently reducing its bullish slope.

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

Major Support Level – $1,220

Major Resistance Level – $1,280

 

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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