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Bitcoin Cash Price Technical Analysis – BCH/USD Extends Decline 2018-03-07

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 continued to trade down and it moved below the $1,200 support against the US Dollar.
  • There was a break below a major bullish trend line with support at $1,228 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting higher, but it could face sellers on the upside near $1,200-10.

Bitcoin cash price is showing bearish signs below $1,220 against the US Dollar. BCH/USD is likely to remains in a bearish zone as long as below $1,250.

Bitcoin Cash Price Resistance

There was a minor recovery yesterday above $1,240 in bitcoin cash price against the US Dollar. However, the price could not retain the momentum and moved down below $1,220. The downside move was substantial since there was a break below the $1,200 support level. The price is now trading well below the $1,240 pivot and the 100 hourly simple moving average.

During the downside move, there was a break below a major bullish trend line with support at $1,228 on the hourly chart of BCH/USD. The pair even broke the $1,180 support and traded as low as $1,159. At the moment, the pair is correcting higher above $1,180. It moved above the 23.6% Fib retracement level of the last drop from the $1,272 high to $1,159 low. However, there are many resistances on the upside near $1,200 and $1,225. An intermediate resistance is around $1,215 and the 50% Fib retracement level of the last drop from the $1,272 high to $1,159 low.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, any major upside move could face a strong selling interest near $1,220. On the downside, the $1,160 level is a decent support. A break below $1,160 may push the price towards $1,120.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is struggling to recover and is currently below 50.

Major Support Level – $1,160

Major Resistance Level – $1,220

 

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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