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Bitcoin Cash Price Analysis: BCH/USD At Risk Of Break Below $500

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 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 is struggling to recover above $530 and $540 against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently at a risk of more losses below the $500 and $490 support levels.

Bitcoin cash price is currently well below $530 against the US Dollar. BCH/USD might accelerate declines once there is a close below the $500 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price is clearly at a risk of more slides towards the $500 support against the US Dollar. The BCH/USD pair remained in a bearish zone and it struggled to move past the $530 resistance. The price even traded below the $500 level and formed a low at $495. Later, there was a minor upside correction above $500 and $505. Buyers pushed the price above the 23.6% Fib retracement level of the last slide from the $560 swing high to $495 low.

However, the price struggled to break the $525-530 resistance zone. Besides, the 50% Fib retracement level of the last slide from the $560 swing high to $495 low also prevented gains. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $515 on the hourly chart of the BCH/USD pair. There was a false break noted above the trend line since the price failed to settle above $530. Sellers pushed the price back below $510 and it is currently well below the 100 hourly simple moving average.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price under a lot of pressure below $510 and $520. If there is no upward move, it could accelerate losses below $500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed well below the 50 level.

Major Support Level – $500

Major Resistance Level – $520

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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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