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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Bitcoin Cash Technical analysis

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price struggled to move above the $1,500 resistance and moved down against the US Dollar.
  • There was a break below a key bullish trend line with support at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair declined and tested another crucial support near the $1,240 level.

Bitcoin cash price declined sharply below $1,300 against the US Dollar. BCH/USD must stay above the $1,240 support to avoid further downsides.

Bitcoin Cash Price Resistance

There was an attempt to break $1,500, but bitcoin cash price failed and moved down against the US Dollar. The price started a fresh downside move and declined below the $1,420 support level. There was also a break below the 61.8% Fib retracement level of the last wave from the $1,235 low to $1,481 high. It opened the doors for more losses and the price settled below $1,400 and the 100 hourly simple moving average.

More importantly, there was a break below a key bullish trend line with support at $1,400 on the hourly chart of the BCH/USD pair. The pair traded towards the last swing low and a crucial support at $1,240. Buyers appeared and the price started consolidating losses above $1,240. An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $1,481 high to $1,240 low. However, the previous support near $1,400 may perhaps act as a strong resistance on the upside.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, the 100 hourly simple moving average is positioned at $1,405 to act as a barrier for buyers. On the downside, the $1,240 support holds a lot of importance. BCH should stay above $1,240 to avoid further losses in the short term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels.

Major Support Level – $1,240

Major Resistance Level – $1,400

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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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The highest standards in reporting and publishing
How Our News is Made

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