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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Weekly Analysis: BCH/USD Extending Losses

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Technical analysis

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price broke many supports and traded below $800 against the US Dollar.
  • There is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to continue its decline as long as it is below $850 and $900 resistance levels.

Bitcoin cash price declined heavily below $900 against the US Dollar. BCH/USD may perhaps accelerate declines towards the $700 level in the near term.

Bitcoin Cash Price Decline

This past week, there was a major bearish reaction from the $910 resistance zone in bitcoin cash price against the US Dollar. The price started a major downside move and dropped below the $850 and $800 support levels. The decline was such that the price even broke the $750 support zone. A low was formed near $721 and the price is now trading well below the 100 simple moving average (4-hours).

At the moment, the price is correcting higher and is trading near $740-750. The 23.6% Fib retracement level of the last decline from the $928 high to $721 low is acting as a resistance. On the upside, there are many hurdles for buyers around the $820 level. The stated level was a support earlier, and now it coincides with the 50% Fib retracement level of the last decline from the $928 high to $721 low. Moreover, there is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, the price may face a lot of barriers near $820. On the downside, the recent low of $721 is a short-term support. A break below this could push the price towards the $700 handle.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.

Major Support Level – $700

Major Resistance Level – $820

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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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Comments 1

  1. Jim Kelly says:
    7 years ago

    Do not use a 4 hour MACD to assess the overall trend for bitcoin. The daily and weekly MACD are calling for lower prices. Best to prepare for an extended bear market. Rallies will be fleeting.

    Reply

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Comments 1

  1. Jim Kelly says:
    7 years ago

    Do not use a 4 hour MACD to assess the overall trend for bitcoin. The daily and weekly MACD are calling for lower prices. Best to prepare for an extended bear market. Rallies will be fleeting.

    Reply

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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