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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Cash Price Technical Analysis – BCH/USD Back above 100 SMA

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price stayed above the $1,240 support level and recovered against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $1,320 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now back above $1,350 and the 100 hourly simple moving average, which is a positive sign.

Bitcoin cash price is showing positive signs above $1,350 against the US Dollar. BCH/USD may resume its uptrend as long as it is above $1,280.

Bitcoin Cash Price Support

After a major decline, bitcoin cash price found support near the $1,240 level against the US Dollar. A low was formed at $1,232 before the price started consolidating losses. Later, a fresh upside wave started and the price moved above $1,300. It also succeeded in settling above the 23.6% Fib retracement level of the last decline from the $1,575 swing high to $1,232 low.

More importantly, there was a break above a connecting bearish trend line with resistance at $1,320 on the hourly chart of the BCH/USD pair. It opened the doors for more gains and the price moved above $1,350 and the 100 hourly simple moving average. At the moment, the pair is trading near the 50% Fib retracement level of the last decline from the $1,575 swing high to $1,232 low. It seems like the price is forming a base for another upside push above $1,450. The current technical structure is positive above $1,350 and the 100 hourly SMA, suggesting an upward move.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, if the price moves down from the current levels, the $1,350 support may prevent declines. However, the most important support on the downside is near a bullish trend line at $1,280.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level.

Major Support Level – $1,350

Major Resistance Level – $1,440

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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.

Read more

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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Comments 1

  1. love&gratitude says:
    7 years ago

    so sell or hold?

    Reply

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Comments 1

  1. love&gratitude says:
    7 years ago

    so sell or hold?

    Reply

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Reason to trust

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Created by industry experts and meticulously reviewed
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