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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – BCH/USD Crashes Below $1,000

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 declined sharply and moved below the $1,000 support against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $1,010 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now trading below the $900 level and it remains at a risk of more losses.

Bitcoin cash price is under a lot of pressure below $1,000 against the US Dollar. BCH/USD is likely to extend declines below the $900 level.

Bitcoin Cash Price Decline

There was a solid rise in selling pressure on bitcoin cash price, which pushed it below $1,000 against the US Dollar. The price declined sharply after it failed to move above the $1,050 level and the 100 hourly simple moving average. Sellers got control and pushed the price below the $950 and $900 support levels, which is a bearish sign in the near term.

More importantly, there was a break below a crucial bullish trend line with support at $1,010 on the hourly chart of the BCH/USD pair. The pair traded as low as $870 recently and it remains at a risk of more losses. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $1,060 high to $870 low. However, the most important resistance is now around $960-970. The 50% Fib retracement level of the last decline from the $1,060 high to $870 low is also near $970.

Bitcoin Cash Price Technical Analysis BCH USD

Any major upside correction from the current levels could face sellers near $960 and $970. Above $970, the $1,000 level is a key barrier. On the downside, the recent low of $870 is a short term support followed by $850.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing a lot of bearish signs.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now in the oversold levels.

Major Support Level – $850

Major Resistance Level – $970

 

Charts courtesy – Trading View

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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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