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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Cash Price Analysis: Can BCH/USD Hold $825?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price struggled to settle above the $900 level and declined against the US Dollar.
  • There is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently finding it hard to hold an important support area near $825.

Bitcoin cash price started a downside move after it was rejected from $900 against the US Dollar. BCH/USD must stay above $825 to avoid a bearish break.

Bitcoin Cash Price Trend

There was a recovery initiated in bitcoin cash price from the $799 low against the US Dollar. The price climbed above the $840 and $850 resistance levels to start a recovery. It even traded a few points above the $900 level before sellers appeared. There was no close above the $900 resistance, which resulted in a bearish reaction. BCH price declined sharply and moved below the $850 support area.

There was also a break below the 50% Fib retracement level of the last wave from the $799 low to $910 high. The downside move was such that the price closed below the $840 level and the 100 hourly simple moving average. At the moment, the price is holding an important support level at $825. It also coincides with the 76.4% Fib retracement level of the last wave from the $799 low to $910 high. Should there be a downside break below $825, the price may come under a lot of pressure. On the upside, there is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair is clearly at a risk of a downside break below $825 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.

Major Support Level – $825

Major Resistance Level – $850

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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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