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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – BCH/USD Bullish Above $700

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price surged higher and broke the $700 resistance against the US Dollar.
  • There is a short-term bullish breakout pattern forming with resistance at $745 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is placed nicely in a bullish zone and is currently eyeing more gains above $745.

Bitcoin cash price rocketed above the $700 level against the US Dollar. BCH/USD is back in an uptrend and is eyeing more upsides in the near term.

Bitcoin Cash Price Trend

Yesterday, there was a nasty upside move in the crypto market as bitcoin, Ethereum, bitcoin cash and others rocketed higher. There was a major upside move in bitcoin cash price from the $655 swing low against the US Dollar. The price traded above a couple of important hurdles such as $680 and $700. The upside move was strong as the price even broke the $720 level.

A high was formed at $743 before the price started consolidating gains. It corrected slightly and tested the 23.6% Fib retracement level of the last wave from the $655 low to $743 high. However, losses were contained and the $720 support acted as a support. At the moment, it seems like there is a short-term bullish breakout pattern forming with resistance at $745 on the hourly chart of the BCH/USD pair. The pair is placed nicely in a bullish zone and if buyers remain in action, it could move above the $745 level in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

Above the mentioned $745, the price may even break the $750 level. On the downside, there are many supports such as $720, $700 and $680. Therefore, the chances of an upside move are very high above $745.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned near the overbought levels.

Major Support Level – $720

Major Resistance Level – $745

 

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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