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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Cash Price Analysis: BCH/USD Rallies 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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price made a solid upward move and traded above the $500 barrier against the US Dollar.
  • Yesterday’s highlighted important bearish trend line was breached with resistance at $442 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now placed nicely in a bullish zone above the $500 and $510 support levels.

Bitcoin cash price gained traction and rallied above $500 against the US Dollar. BCH/USD is consolidating and remains supported for more gains.

Bitcoin Cash Price Analysis

There was a solid buying interest emerged around the $450 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and traded above the $460 and $470 resistance levels. The price action was positive as the price gained more than 20% and settled above the 100 hourly simple moving average. The rally was such that the price broke the $500 barrier.

More importantly, the upward move was initiated after yesterday’s highlighted important bearish trend line was breached with resistance at $442 on the hourly chart of the BCH/USD pair. The pair traded as high as $550 and later started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $425 low to $550 high. However, downsides were contained the by the $500 level. The mentioned $500 level was a resistances earlier and now it is acting as a support. Below this, the next major support is near $485. It represents the 50% Fib retracement level of the last wave from the $425 low to $550 high.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is trading nicely with a bullish bias above the $500 level. As long as the price is above $485 and $500, there could be more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 55 level.

Major Support Level – $500

Major Resistance Level – $550

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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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