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

Bitcoin Cash Price Analysis: BCH/USD Holding Important Support

Aayush Jindal
Aayush Jindal
6 years 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 corrected lower and tested the $950 support area against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $965 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to stay above the $960 and $950 support levels to avoid a downside break in the near term.

Bitcoin cash price is holding an important support around $950 against the US Dollar. BCH/USD has to move past the $1,040 resistance to gain further.

Bitcoin Cash Price Support

After yesterday’s ride, bitcoin cash price faced sellers near the $1,030-1,040 resistances against the US Dollar. The price started a downside correction and declined below the $1,000 support. It also declined below the 23.6% Fib retracement level of the last wave from the $971 low to $1,031 high. It opened the doors for a larger correction and the price dipped towards the $950 support area.

The $940-950 support area acted as a decent buy zone and protected further losses. Moreover, the 50% Fib retracement level of the last wave from the $971 low to $1,031 high also prevented declines. BCH price moved back above the $960 level and the 100 hourly simple moving average. More importantly, there is a new connecting bullish trend line forming with support at $965 on the hourly chart of the BCH/USD pair. The pair remains well supported on the downside around the $950 and $960 levels.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly facing a major hurdle on the upside near $1,040. A break and close above the stated $1,040 resistance is needed for buyers to take control. On the downside, a break and close below $950 will most likely push the price back in the bearish zone.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently flat near 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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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