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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: BCH/USD Sighting Further Upsides

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price gained traction and moved above the $500 barrier against the US Dollar.
  • There is a key contracting triangle in place with support near $510 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to break higher towards the $575 and $600 levels in the near term.

Bitcoin cash price is trading in a bullish zone above $500 against the US Dollar. BCH/USD may continue to find buyers on the downside near $500 and $480.

Bitcoin Cash Price Decline

This past week, there was a solid rally in bitcoin cash price from the $400 support zone against the US Dollar. The BCH/USD pair surged above the $450 and $500 resistance levels to move into a positive zone. There was even a close above the $475 level and the 100 simple moving average (4-hours). The price traded as high as $592 and later started a downside correction.

It corrected below the 23.3% Fib retracement level of the last wave from the $424 low to $592 high. However, the downside move was protected by the $500-510 support area, which was a resistance earlier. Moreover, the 50% Fib retracement level of the last wave from the $424 low to $592 high also acted as a support. At the moment, there is a key contracting triangle in place with support near $510 on the 4-hours chart of the BCH/USD pair. The pair is likely to make the next move soon either above $550 or below $510. Above $550, the price will most likely revisit the $600 zone.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, BCH price is showing a lot of positive signs above the $500 level. As long as the stated support is intact, there could be more gains towards $580, $600 and $620.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 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

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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