Bitcoin Cash Price Analysis: BCH/USD Crashes Below $150

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin cash price traded further lower and broke the $150 support level against the US Dollar.
There is a new connecting bearish trend line formed with resistance near $148 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair remains at a risk of more losses below the $140 level in the near term.

Bitcoin cash price extended losses below $150 against the US Dollar. BCH/USD may continue to move down and it could even test the $125 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price could break the $150 level against the US Dollar. The BCH/USD pair remained in a bearish zone and it did trade below the $160 and $150 levels. The decline was nasty as the price is now trading well below the $155 level and the 100 hourly simple moving average. The last swing low was formed near the $145 level before the price corrected higher.

It climbed above the $150 level and the $152 pivot level. There was a break above the 23.6% Fib retracement level of the recent slide from the $166 high to $145 low. However, the upside move was capped by the $155 and $156 resistance levels. The 50% Fib retracement level of the recent slide from the $166 high to $145 low also acted as a resistance. Moreover, there is also a new connecting bearish trend line formed with resistance near $148 on the hourly chart of the BCH/USD pair. The pair declined again and broke the $145 low.

Looking at the chart, BCH price is under pressure below the $148 and $145 level. It seems like the price may continue to move down and it could even break $140 and $132.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold levels.

Major Support Level – $140

Major Resistance Level – $150

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.

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.
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