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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines

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

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

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Key Points

  • Bitcoin cash price is under pressure and is currently trading below $920 against the US Dollar.
  • There is a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to move down and it could soon break the $875 support level.

Bitcoin cash price is in a bearish trend below $1,000 against the US Dollar. BCH/USD could accelerate declines towards $800 as long as it is below $960.

Bitcoin Cash Price Decline

There were further declines noted in bitcoin cash price below the $1,000 level against the US Dollar. The price corrected a few points yesterday, but the upside move was capped by the $1,000 level. A fresh downward wave was initiated and the price settled well below the $1,000 level and the 100 hourly simple moving average. It even broke the $950 and $900 support levels.

A low was formed at $872 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $1,000 high to $872 low. There is also a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair. Above the trend line, the next hurdle for buyers is near the $935 level. It is the 50% Fib retracement level of the last decline from the $1,000 high to $872 low. Moreover, there is another crucial bearish trend line with resistance at $970.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly in a major downtrend. If sellers remain in control, the price may break soon break the $875 and $850 levels. On the upside, the $960 and $970 levels are important resistances.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near the oversold levels.

Major Support Level – $850

Major Resistance Level – $960

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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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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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