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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Cash Price Analysis: BCH/USD Primed To Test $100

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price is under a lot of pressure after it broke the $150 support against the US Dollar.
  • There is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near $125 and it may slide further towards the $100 level in the near term.

Bitcoin cash price registered heavy losses from the $200 swing high against the US Dollar. BCH/USD could continue to move down towards the $100 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price may slide further towards $125 against the US Dollar. The BCH/USD pair did trade lower after it broke the $150 and $145 support levels. The decline was such that the price even broke the $130 level and traded close to $125. It is now positioned well below the $140 level and the 100 hourly simple moving average.

The recent low was formed near $126 and the current price action suggests more gains. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $158 swing high to $126 low. More importantly, there is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair. The pair is very unlikely to trade above the $135 and $140 resistance levels in the short term. Above $140, the next resistance is the 50% Fib retracement level of the last decline from the $158 swing high to $126 low. On the downside, a close below the $125 level could push the price towards $110 or $100.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is clearly in a significant downtrend below $150. It is likely to slide further towards $120, $110 or $100.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 30 level.

Major Support Level – $120

Major Resistance Level – $135

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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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