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Bitcoin Cash Price Analysis: BCH/USD Facing Uphill Task

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price found support near the $1,220 level and recovered slightly against the US Dollar.
  • There is a short-term bearish trend line forming with resistance at $1,340 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is facing many hurdles on the upside near $1,340 and $1,350 resistance levels.

Bitcoin cash price is slowly recovering from $1,220 against the US Dollar. BCH/USD may correct in the short term, but gains above $1,350 won’t be easy.

Bitcoin Cash Price Resistance

Yesterday, there was a sharp downside move below $1,300 in bitcoin cash price against the US Dollar. The price even traded below the $1,240 support level and almost tested the $1,200 support. A low was formed near $1,220 before the price started an upside recovery. It moved above the 23.6% Fib retracement level of the last decline from the $1,490 high to $1,220 low.

It also succeeded in clearing the $1,300 resistance, but there are many barriers on the upside. There is also a short-term bearish trend line forming with resistance at $1,340 on the hourly chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last decline from the $1,490 high to $1,220 low is placed near the $1,360 level to act as a crucial resistance. In short, it seems like there is a major barrier forming near $1,340 and $1,350 resistance levels. A break and close above $1,350 may well push the price towards the 100 hourly simple moving average, which is the next resistance before $1,400.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is showing positive signs above $1,240. However, a break and close above $1,350, $1,380 and $1,400 won’t be easy. On the downside, supports are seen at $1,300 and $1,240.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.

Major Support Level – $1,240

Major Resistance Level – $1,350

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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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