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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 Facing Crucial Resistance

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price continues to struggle to break the $1,040 resistance against the US Dollar.
  • There is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $1,020 and $1,040 resistance levels to gain further in the near term.

Bitcoin cash price is consolidating below $1,040 against the US Dollar. BCH/USD must gather momentum above $1,040 to accelerate gains.

Bitcoin Cash Price Resistance

During the past few sessions, there were mostly ranging moves below $1,040 in bitcoin cash price against the US Dollar. The price tested the $1,030 level recently, but it failed to move past the stated resistance. As a result, there was a slight downside reaction and the price moved towards the $980 level. During the decline, it broke the 38.2% Fib retracement level of the last leg from the $945 low to $1,033 high.

However, the decline was limited as buyers appeared around the $980 support area. Moreover, the 50% Fib retracement level of the last leg from the $945 low to $1,033 high also acted as a support. At the moment, the price is trading nicely above the $980 level. Below this, the next major support is at $950 and the 100 hourly simple moving average. On the upside, there is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is facing a monster barrier near the $1,020 and $1,040 resistance levels. A break and close above $1,040 is needed for buyers to take control. Above $1,040, the next stop for buyers could be around the $1,100 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving higher towards the 55 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.

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
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