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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – BCH/USD Targets Fresh Highs

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price declined recently, but it found support near $740 against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $750 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is placed nicely above $740 and the 100 hourly simple moving average, which is a positive sign.

Bitcoin cash price is holding the $740 support nicely against the US Dollar. BCH/USD may continue to move higher and it could even target a fresh high above $800.

Bitcoin Cash Price Trend

After trading further higher, bitcoin cash price found sellers near $800 against the US Dollar. The price started a downside correction and traded below the $780 and $760 support levels. There was also a break below the 50% Fib retracement level of the last leg from the $721 low to $800 high. However, the downside move found support near a crucial level at $740 and the 100 hourly simple moving average.

BCH buyers protected further declines, resulting in an upside move above the $750 level. It has moved above the 23.6% Fib retracement level of the last decline from the $800 high to $742 low. However, the upside move is facing sellers near the $770 level. Moreover, the 50% Fib retracement level of the last decline from the $800 high to $742 low is also near $770. Therefore, a break above the $770 level is needed for further gains. Above $770, the price could retest the last swing high at $800. And, if buyers remain in control, the price may even break the $800 level for a new high.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart above, there is a new connecting bullish trend line forming with support at $750. As long as the price is above $740-750, it remains supported.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.

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

Major Support Level – $740

Major Resistance Level – $770

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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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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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