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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: Can BCH/USD Recover?

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
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Key Points

  • Bitcoin cash price found support near $950 and started an upside move against the US Dollar.
  • This week’s crucial bearish trend line with resistance at $1,040 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now trading above the $1,020 resistance and it may correct further in the near term.

Bitcoin cash price is recovering nicely from $950 against the US Dollar. BCH/USD could recover further as long as the price is above $1,020.

Bitcoin Cash Price Support

After a major slide, bitcoin cash price found support near the $950 level against the US Dollar. The price traded as low as $947.3 where buyers appeared and prevented declines. A fresh upward correction was started and the price moved above the $980 and $1,000 resistance levels. It even succeeded in moving above the 23.6% Fib retracement level of the last decline from the $1,190 swing high to $947 low.

More importantly, this week’s crucial bearish trend line with resistance at $1,040 was breached on the hourly chart of the BCH/USD pair. At the moment, the price is trading just above the $1,050 level and is showing positive signs. It has to settle above the 50% Fib retracement level of the last decline from the $1,190 swing high to $947 low to gain momentum. On the upside, there is a strong resistance zone near $1,080 and $1,100. A break above the $1.100 resistance level could open the doors for more gains in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is slowly recovering and it could move towards $1,100 and $1,120. However, any further upsides above $1,100 and the 100 hourly simple moving average won’t be easy.

Looking at the technical indicators:

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

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

Major Support Level – $1,000

Major Resistance Level – $1,100

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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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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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