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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

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

Aayush Jindal
Aayush Jindal
1 year ago
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 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.

Bitcoin Cash Price Analysis BCH Chart

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

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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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How Our News is Made

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