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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Losses Below $520

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

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Key Points

  • Bitcoin cash price started a major downside correction from the $635 swing high against the US Dollar.
  • There is a key bearish trend line in place with resistance at $550 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading in a bearish zone with an immediate support near the $530 level.

Bitcoin cash price is under pressure below $550 against the US Dollar. BCH/USD could continue to move down towards the $500 or $480 level.

Bitcoin Cash Price Analysis

This past week, there was a decent upward move from the $480 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $520 and $550 resistance levels and settled above the 100 simple moving average (4-hours). The upside move gained pace above the $600 and the price traded as high as $637. Later, there was a downside correction and the price moved below the $580 and $550 supports.

The price traded as low as $521 and it is currently consolidating losses. An initial resistance on the upside is near $545-550. The 23.6% Fib retracement level of the recent slide from the $538 swing high to $521 low is also near $550. More importantly, there is a major bearish trend line in place with resistance at $550 on the 4-hours chart of the BCH/USD pair. Therefore, a break above the trend line and $555 is needed for a recovery. However, the price is likely to struggle near the $575-580 resistance zone. Besides, the 50% Fib retracement level of the recent slide from the $538 swing high to $521 low is also near $580.

Bitcoin Cash Price Weekly Analysis BCH Chart

Looking at the chart, BCH price may surpass the $550 resistance, but it is likely to face a strong resistance near $575-580. Therefore, it could even break the $521 low and decline towards $500 or $480.

Looking at the technical indicators:

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

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

Major Support Level – $520

Major Resistance Level – $580

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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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The highest standards in reporting and publishing
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