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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: BCH/USD Gaining Momentum Towards $570

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

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Key Points

  • Bitcoin cash price found support above the $500 level and started an upward move against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line with resistance at $535 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $560 and $570 levels in the near term.

Bitcoin cash price is placed nicely above the $520 support against the US Dollar. BCH/USD may accelerate towards the $560-570 resistance zone if buyers gain momentum.

Bitcoin Cash Price Analysis

Yesterday, we discussed a consolidation pattern above the $500 support in bitcoin cash price against the US Dollar. The BCH/USD pair formed a decent support above the $500 and $510 levels. Later, the price gained traction and moved above the $525 resistance and the 100 hourly simple moving average. Buyers were successful in clearing the 23.6% Fib retracement level of the downside move from the $590 swing high to $510 swing low.

Additionally, yesterday’s highlighted connecting bearish trend line with resistance at $535 was breached on the hourly chart of the BCH/USD pair. The pair is currently placed nicely above the $530 level and the 100 hourly SMA. The next resistance awaits near $550 and the 50% Fib retracement level of the downside move from the $590 swing high to $510 swing low. Above $550, the next immediate barrier is at $560, which is the 61.8% Fib level. The final target for buyers could the $570 resistance and the pivot level.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is gaining traction after forming the $510 support. As long as the price is above the $520 level, there could be more gains towards the $560 and $570 levels in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level.

Major Support Level – $520

Major Resistance Level – $560

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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

Ad discliamer

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