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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Bitcoin Cash Price Analysis: BCH/USD Approaching Next Break

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price failed to break the $195 and $198 resistance levels against the US Dollar.
  • There is a crucial contracting triangle forming with resistance near $198 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to make the next move either above $198 or below $175 in the near term.

Bitcoin cash price is struggling to clear the $200 hurdle against the US Dollar. BCH/USD is approaching the next break either above $198-200 or towards $165.

Bitcoin Cash Price Analysis

There was a slow and steady rise from the $165 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $175 and $180 resistance levels to move into a positive zone. There was even a close above the $175 level and the 100 hourly simple moving average. However, the price struggled to clear the $198-200 resistance, which is a major hurdle for buyers.

A high was formed at $197 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $166 low to $197 high. The price is now approaching a strong support near the $178-180 zone. Moreover, there is a crucial contracting triangle forming with resistance near $198 on the hourly chart of the BCH/USD pair. The triangle support is near the 100 hourly SMA at $176. Besides, the 61.8% Fib retracement level of the last wave from the $166 low to $197 high is at $178. Therefore, the $175-178 area could act as a strong support for buyers in the short term.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be preparing for the next move either above $198 or below $175. Below $175, the price could revisit $165. And, a break above $200 may spark more gains towards $225.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD also declined below the 50 level.

Major Support Level – $175

Major Resistance Level – $198

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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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