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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Cash Price Technical Analysis – BCH/USD Remains Range Bound

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 is positioned nicely above the $720 support zone against the US Dollar.
  • There is a short-term contracting triangle forming with support at $760 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to trade in a range before it makes the next move above $790.

Bitcoin cash price is trading in a range above $720 against the US Dollar. BCH/USD is most likely to extend gains in the near term above $790-800.

Bitcoin Cash Price Support

Recently, there was a sharp downside reaction from the $788 high in bitcoin cash price against the US Dollar. It seems like it was a false break as the price recovered back above $740. The $720 support zone acted as a strong support and the price bounce back above the 50% Fib retracement level of the last decline from the $788 high to $724 low.

The price also moved back above the $750 level and the 100 hourly simple moving average. These are positive signs with a close above the $750 level. At the moment, there is a short-term contracting triangle forming with support at $760 on the hourly chart of the BCH/USD pair. The pair faces a minor resistance near the 76.4% Fib retracement level of the last decline from the $788 high to $724 low. A break above the $785-790 resistance area could open the doors for more gains.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, the pair seems to be trading in a range above the $720 and $740 support levels. As long as the $720 support is intact, it may rise further. A break above the $800 handle would be the key for the next move in BCH in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $720

Major Resistance Level – $790

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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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