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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Cash Price Weekly Analysis: BCH/USD Primed for More Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price techanalysis

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Key Points

  • Bitcoin cash price declined sharply, but it found support near the $420 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $435 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair may well continue to move higher once there is a break above the $450 resistance.

Bitcoin cash price is placed well above the $420 support against the US Dollar. BCH/USD could accelerate above the $450 and $460 resistances in the near term.

Bitcoin Cash Price Analysis

This past week, there were losses noted below the $450 support level in bitcoin cash price against the US Dollar. The BCH/USD pair declined and even broke the $440 support. It traded close to the $420 support area where buyers emerged. There was a strong buying interest near the $420 level and later the price started a decent recovery. It moved above the 50% Fib retracement level of the recent slide from the $458 high to $423 low.

More importantly, there was a break above a major bearish trend line with resistance at $435 on the 4-hours chart of the BCH/USD pair. The pair climbed above the $440 resistance as well, but it is still trading well below the 100 simple moving average (4-hours). The current wave is facing hurdles near the $450 resistance (the previous support). Moreover, the 76.4% Fib retracement level of the recent slide from the $458 high to $423 low is also acting as a strong resistance.

Bitcoin Cash Price Weekly Analysis BCH Chart

Looking at the chart, BCH price must break the $450 resistance level to enter a bullish zone. The next major hurdles for buyers are near the $460 and $475 levels. The main support on the downside is at $420.

Looking at the technical indicators:

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

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

Major Support Level – $420

Major Resistance Level – $450

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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.

Read more

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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Created by industry experts and meticulously reviewed
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