Bitcoin Cash Price Technical Analysis – BCH/USD Remains Supported

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price is trading nicely above the $1,040 support level against the US Dollar.
There was a break above a key declining channel with resistance at $960 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently trading in a positive zone above $1,040 and the 100 hourly simple moving average.

Bitcoin cash price is stable and well above $1,000 against the US Dollar. BCH/USD has to clear the $1,100 resistance area to gain upside momentum.

Bitcoin Cash Price Resistance

There was a minor downside correction initiated from the $1,080 swing high in bitcoin cash price against the US Dollar. The price traded a few points lower, but the downside move was supported above the $1,000 level. Later, it started moving higher once again and succeeded in settling above the $1,040 level and the 100 hourly simple moving average.

During the recent upside, there was a break above a key declining channel with resistance at $960 on the hourly chart of the BCH/USD pair. The pair traded as high as $1,087 before a minor downside reaction. It tested the 23.6% Fib retracement level of the last wave from the $844 low to $1,087 high. However, the downside was limited and the price is now back above $1,050 and 100 hourly SMA. On the upside, the pair is facing a couple of important hurdles near the $1,100 and $1,140 levels.

A break above the $1,100 level may call for a test of $1,140. Above $1,140, the price will most likely challenge the $1,200 level. On the downside, below $1,040, there could be a test of the 50% Fib retracement level of the last wave from the $844 low to $1,087 high at $965.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 60 level.

Major Support Level – $1,040

Major Resistance Level – $1,110

Charts courtesy – Trading View

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.

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.
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