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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cash Price Analysis: BCH/USD Could Climb Again Above $200

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price traded higher recently, but it failed to stay above $200 against the US Dollar.
  • There is a key bullish trend line formed with support at $170 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to climb higher once again above $185 as long as it is above $170.

Bitcoin cash price is trading with a positive bias above $160 against the US Dollar. BCH/USD must settle above $185 and $200 to gain bullish momentum.

Bitcoin Cash Price Analysis

There was a solid upward move above the $170 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair broke the key $185 resistance to move into a positive zone. There was a proper break above the 76.4% Fib retracement level of the last slide from the $209 high to $146 swing low. The price spiked above the $200 resistance and traded towards the $209 high.

A new intraday high was formed at $206 and later the price started a downside correction. It declined heavily and trimmed gains below $200 and $185. There was a break below the $180 level and the 100 hourly simple moving average. Moreover, the price breached the 50% Fib retracement level of the last wave from the $146 low to $206 high. On the downside, there is a decent support formed near $170. Besides, there is a key bullish trend line formed with support at $170 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price must stay above the $165 and $170 support levels to bounce back once again. On the upside, a proper close above $185 and then $200 is needed for bullish continuation.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.

Major Support Level – $165

Major Resistance Level – $185

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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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