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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $950

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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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 is struggling to move above the $1,000 and $1,050 resistances against the US Dollar.
  • There is a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently consolidating above the $950 level and is preparing for the next move.

Bitcoin cash price is consolidating in a range against the US Dollar. BCH/USD has to move past $1,010 and the 100 hourly simple moving average for more gains.

Bitcoin Cash Price Resistance

There was no major movement during the weekend above $1,050 in bitcoin cash price against the US Dollar. The price tested the $950-960 support zone on a couple of occasions. There was no downside break below $950 and the price remained confined in a range. There were a couple of swing moves, but upsides were capped by the $1,020 resistances and the 100 hourly simple moving average.

The recent swing low was $976 with an upside move above the 23.6% Fib retracement level of the last drop from the $1,042 high to $976 low. However, there are many barriers on the upside waiting to prevent gains above $1,010 and $1,040. An immediate resistance is near the 50% Fib retracement level of the last drop from the $1,042 high to $976 low. There is also a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is facing a tough challenge near the trend line, $1,040 and the 100 hourly simple moving average. A break above $1,010 and $1,040 could open the doors for more gains towards the $1,100 level in the near term. On the downside, the $950 level is an important support.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

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

Major Support Level – $950

Major Resistance Level – $1,040

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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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