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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Cash Price Analysis: BCH/USD Breaks Above Key Resistance

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
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Key Points

  • Bitcoin cash price rallied and broke a major resistance near $440 against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached at $435 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently correcting lower, but dips near $445 and $440 remains well supported.

Bitcoin cash price moved into a positive zone above $440 against the US Dollar. BCH/USD dips towards the $440-445 zone could find a strong buying interest.

Bitcoin Cash Price Analysis

Yesterday, we discussed a crucial resistance near $440 for bitcoin cash price against the US Dollar. The BCH/USD pair made a nice upside move and broke the $440 resistance zone. There was a strong buying interest emerged around the $425 support area, resulting in an upward move. The price rocketed higher and moved above the $445 level and the 100 hourly simple moving average.

During the rise, yesterday’s highlighted important bearish trend line was breached at $435 on the hourly chart of the BCH/USD pair. The pair traded above the $460 level and formed a high at $466. Later, there was a downside correction and the price declined below $450. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $423 low to $466 high. However, there are many supports on the downside near the $440 level, which was a resistance earlier. The 50% Fib retracement level of the last wave from the $423 low to $466 high is also positioned at $444.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price may correct lower, but dips close to the $440 and $445 levels are likely to find bids. On the upside, a break above the $460 level could set the path for $480 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $440

Major Resistance Level – $460

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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
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How Our News is Made

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

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