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

Bitcoin Cash Price Weekly Analysis: Can BCH/USD Recover Further?

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
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Key Points

  • Bitcoin cash price found support around the $700 handle and recovered against the US Dollar.
  • There is a major bullish trend line formed with support at $730 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair may dip a few points, but it remains supported near the $730 and $710 levels.

Bitcoin cash price is placed nicely above the $700 pivot level against the US Dollar. BCH/USD could accelerate gains above the $780 level in the near term.

Bitcoin Cash Price Support

This past week, there was a correction initiated from the $830 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined and traded below the $800 and $750 support levels. It also declined below the 50% Fib retracement level of the last wave from the $865 low to $830 high. More importantly, there was a close below the $750 pivot level and the 100 simple moving average (4-hours).

It tested the $700 handle where buyers emerged. Moreover, a major bullish trend line with current support at $730 acted as a buy zone on the 4-hours chart of the BCH/USD pair. Lastly, the 76.4% Fib retracement level of the last wave from the $865 low to $830 high also acted as a support. The pair started a fresh upward wave and moved above the $750 pivot level and the 100 SMA. It opened the doors for more gains and the price is now placed nicely above the $740 level.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, the price may dip a few points in the near term towards the $740 and $730 support levels. However, the price action suggests more gains as long as the price is above $710.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is now placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Level – $730

Major Resistance Level – $800

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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