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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Cash Price Analysis: BCH/USD Eyeing Gains Above $525

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
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 traded higher recently and moved above the $515 resistance against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $512 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now placed in a positive zone and it could continue to move higher towards $530 and $540.

Bitcoin cash price is slowly moving higher against the US Dollar. BCH/USD is likely to continue higher once buyers gain momentum above the $525 level.

Bitcoin Cash Price Analysis

This past week, there was a significant downside move below the $550 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $540 and $520 support levels. There was even a spike below the $500 level and a low was formed at $498. Later, buyers appeared and pushed the price back above the $500 level. Later, the price gained momentum and moved above the $510 and $515 resistance levels.

There was also a break above the 61.8% Fib retracement level of the last decline from the $523 high to $498 low. More importantly, there was a break above a crucial bearish trend line with resistance at $512 on the hourly chart of the BCH/USD pair. The pair is now trading nicely above the $510 level and the 100 hourly simple moving average. It traded close to the $525 resistance and is currently consolidating. On the upside, the next resistance is near $530 and the 1.236 Fib extension level of the last decline from the $523 high to $498 low. Above $530, the price could trade towards the $540 level, which is near the 1.618 Fib extension.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is now placed nicely in a positive zone above $510 and it could test $530 and $540 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 – $510

Major Resistance Level – $530

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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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