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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 Likely Setting Up For Crucial Upside Break

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price

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  • Bitcoin cash price is up around 10% from the $200 support area against the US Dollar.
  • The price is currently consolidating gains and it seems to be setting up for more gains above $225.
  • There is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to surge towards $250 once it clears the $225 resistance area.

Bitcoin cash price is showing positive signs above the $215 level against the US Dollar. BCH/USD remains well supported and it could continue to rise above $225.

Bitcoin Cash Price Analysis

After forming a base above the $190 level, bitcoin cash price bounced back above the $200 level against the US Dollar. BCH price even climbed above $210 and the 55 simple moving average (4-hours), but it struggled to surpass the $215 resistance.

Later, there was a downside correction, but the $200 support prevented a bearish break. As a result, there was a fresh increase above the $210 resistance and the 55 simple moving average (4-hours).

Moreover, there was a break above a major bearish trend line with resistance near $212 on the same chart. Bitcoin cash price rallied above the $215 and $220 resistance levels, similar to bitcoin, Ethereum and ripple.

It tagged the $225 resistance area and is currently correcting gains. There was a break below the 23.6% Fib retracement level of the recent rally from the $203 low to $225 high.

It seems like there is a short term declining channel forming with resistance near $222 on the hourly chart of the BCH/USD pair. If there is an upside break above the channel resistance, the price could surge above the $225 level.

In the mentioned case, the price is likely to climb towards the $240 and $250 resistance levels. Conversely, the price may perhaps correct lower in the near term below $218.

The next major support area is near the $214 level. It coincided with the 50% Fib retracement level of the recent rally from the $203 low to $225 high. Any further losses may perhaps push the price back towards the $200 support area.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is showing positive signs above the $215 and $218 support levels. Therefore, there are high chances of an upside break above the $222 and $225 resistance levels in the near term.

Technical indicators

Hourly MACD – The MACD for BCH/USD is currently moving slowly in the bearish zone.

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

Key Support Levels – $215 and $200.

Key Resistance Levels – $225 and $240.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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