Bitcoin Cash Price Technical Analysis – BCH/USD Trimmed Gains

Aayush Jindal

Last Updated: June 11, 2024 1:37 pm

2 mins read

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Key Points

Bitcoin cash price failed to move above the $1,650 resistance and declined sharply against the US Dollar.
There is a key bearish trend line forming with resistance at $1,640 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair has to stay above the $1,500 and $1,480 support levels to avoid more declines.

Bitcoin cash price trimmed yesterday’s gains against the US Dollar. BCH/USD is now back below $1,600 with a few bearish signs near $1,520.

Bitcoin Cash Price Support

There were a couple of attempts by bitcoin cash price to break the $1,650 resistance against the US Dollar. The price failed to move above $1,650 and started a downside move. It declined sharply and trimmed most its yesterday’s gains. During the decline, it broke the $1,600 and $1,550 support levels to settle below the 100 hourly simple moving average.

It even spiked below the $1,500 support level and traded as low as $1,482. At the moment, it is consolidating losses around the 23.6% Fib retracement level of the last drop from the $1,664 high to $1,482 low. On the upside, there are many hurdles for buyers near $1,580 and the 100 hourly SMA. The 50% Fib retracement level of the last drop from the $1,664 high to $1,482 low is at $1,573 to act as a key resistance. Moreover, there is also a key bearish trend line forming with resistance at $1,640 on the hourly chart of the BCH/USD pair.

Looking at the chart, it seems like the price may correct higher, but it may struggle to move above $1,580 and $1,600. On the downside, $1,500 and $1,480 levels are important supports. A break below $1,480 may push the price back towards $1,450.

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 is near the oversold readings.

Major Support Level – $1,480

Major Resistance Level – $1,580

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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