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Bitcoin Cash Price Technical Analysis – BCH/USD Surged Above $850

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price gained traction and it was successful in clearing the $800 and $850 resistances against the US Dollar.
  • There was a break above a minor bearish trend line with resistance at $780 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair surged higher and traded close to the $900 resistance area recently.

Bitcoin cash price is gaining upside momentum above $850 against the US Dollar. BCH/USD could soon break the $900 level to extend gains in the near term.

Bitcoin Cash Price Trend

The past few sessions were positive as bitcoin cash price formed a key bottom below the $750 level against the US Dollar. The price started a nice upside move and cleared many hurdles on the way up such as $800 and $850. The upside move was very strong as the price traded close to the $900 level. At the moment, the price is trading well above the $850 support and the 100 hourly simple moving average.

During the upside move, there was a break above a minor bearish trend line with resistance at $780 on the hourly chart of the BCH/USD pair. The trend line break was the main reason the recent upside surge above $850. It traded as high as $903 and is currently consolidating gains. An initial support is near the 23.6% Fib retracement level of the last wave from the $726 low to $903 high. It seems like downsides would be limited in the short term since there are many supports at $860 and $850.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, there is a strong bullish trend in place above $800-820. A successful close above the $900 level could ignite further gains toward the $940 and $950 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing signs of a minor correction.

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

Major Support Level – $850

Major Resistance Level – $900

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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
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