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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin Cash Price Analysis: BCH/USD Gaining Upside Momentum

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 is gaining pace and it broke the $1,150 resistance against the US Dollar.
  • There is a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to trade high as long as it is above $1,120 and the 100 hourly simple moving average.

Bitcoin cash price is slowly moving higher above $1,120 against the US Dollar. BCH/USD could accelerate gains towards the $1,200 level in the near term.

Bitcoin Cash Price Support

There were slow and steady gains above the $1,100 pivot level in bitcoin cash price against the US Dollar. The price moved further higher and broke the $1,120 and $1,150 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $1,210 high to $1,046 low. The best part was an hourly close above the $1,150, signaling an upside acceleration.

At the moment, the price is trading well above the $1,120 support level and the 100 hourly simple moving average. on the upside, the next major hurdle sits near $1,180. It is the 76.4% Fib retracement level of the last decline from the $1,210 high to $1,046 low. Above this, the price will most likely revisit the $1,200 level in the near term. Any further gains could push the price towards the $1,250 level. If there is a downside correction, the price may find support near the $1,140 level. There is also a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair is set for more gains above $1,180. The current price action is positive with supports near $1,140 and $1,120.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed above the 55 level.

Major Support Level – $1,120

Major Resistance Level – $1,200

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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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