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Bitcoin Cash Price Analysis: BCH/USD Bullish Above $700

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 is positioned nicely above the $700 support with positive signs against the US Dollar.
  • There is a new declining channel formed with resistance near $740 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must clear the $740 and $750 resistance levels to move further higher in the bullish zone.

Bitcoin cash price is holding the $700 support against the US Dollar. BCH/USD must gain momentum above $750 to revisit the $800 resistance zone in the near term.

Bitcoin Cash Price Trend

There was a decent upside move above the $700 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $760 resistance and almost tested the $800 level. A high was formed at $784 before the price started consolidating gains. It corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $649 low to $784 high.

However, the decline was protected by the $720 support zone. More importantly, the 50% Fib retracement level of the last wave from the $649 low to $784 high acted as a strong support. At the moment, it seems like there is a new declining channel formed with resistance near $740 on the hourly chart of the BCH/USD pair. The pair is currently attempting an upside break above the $740 resistance. BCH buyers must clear the $740 and $750 resistance levels to take the price towards $800 in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is placed nicely in a bullish zone above $700. An initial support is at $720, below which the price could retest the $700 support. Any further declines may perhaps push the price back in a bearish zone towards $650.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently flat in the bullish zone.

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

Major Support Level – $700

Major Resistance Level – $750

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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
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How Our News is Made

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