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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold This?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
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 started a downside correction and traded towards $1,350 against the US Dollar.
  • There is a crucial bullish trend line in place with support near $1,360 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must hold the trend line support and $1,350 to remain in a bullish zone in the near term.

Bitcoin cash price is correcting lower from $1,575 against the US Dollar. BCH/USD must stay above the $1,350 support to avoid any further declines.

Bitcoin Cash Price Correction

After a major upside move, bitcoin cash price faced sellers near $1,575 against the US Dollar. The price topped around the $1,574.0 level and started a downside correction. It declined and traded below the $1,500 and $1,400 support levels. It traded towards the $1,350 support zone and formed a low near $1,344. Later, the price got stable and started consolidating above the $1,350 level.

On the downside, there is a crucial bullish trend line in place with support near $1,360 on the hourly chart of the BCH/USD pair. Below the trend line support and $1,350, the next major support is around the 100 hourly simple moving average at $1,300. Therefore, there are two crucial supports for the current trend – $1,350 and $1,300. As long as the price is above the stated supports, it could bounce back towards $1,500. At the moment, the price is recovering and testing the 38.2% Fib retracement level of the last decline from the $1,574 high to $1,344 low.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, there is also a connecting bearish trend line with resistance at $1,460. A break and close above the $1,460 and $1,500 resistance levels could push the price back towards $1,575 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $1,350

Major Resistance Level – $1,460

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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

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

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