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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Cash Price Technical Analysis – BCH/USD Burst Above $1,500

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 rallied further and it succeeded in breaking the $1,500 resistance against the US Dollar.
  • There is a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains in a monster uptrend and it may soon break the $1,600 level in the near term.

Bitcoin cash price is skyrocketing above $1,500 against the US Dollar. BCH/USD is likely to extend gains toward the $1,600 and $1,650 levels.

Bitcoin Cash Price Support

There were further gains in bitcoin cash price from the $1,200 swing low against the US Dollar. The price surged higher and it succeeded in breaking a few important hurdles such as $1,300 and $1,400. It even broke the $1,500 level, which is a key bullish signal. It seems like BCH buyers are in control and the price may soon continue to move higher towards $1,600.

The recent high was formed at $1,565, and buyers are in complete control. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,328 low to $1,565 high. There is also a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair. The trend line support is close to the 38.2% Fib retracement level of the last wave from the $1,328 low to $1,565 high. Therefore, if the price dips from the current levels, the $1,510 and $1,505 levels are likely act as strong supports.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, there is a connecting resistance trend line in place at $1,580. A push above the trend line would open the doors for a test or break of $1,600 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $1,505

Major Resistance Level – $1,600

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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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