Bitcoin Cash Price Breaking This Resistance Could Spark Fresh Rally

Aayush Jindal

Last Updated: June 11, 2024 2:38 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin Cash price started a downside correction and tested $250 against the US Dollar. BCH is rising and might gain pace if it clears the $300 resistance.

Bitcoin cash price is moving higher from the $250 support level against the US Dollar.
The price is trading above $265 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $270 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to accelerate further higher if it clears $290 and $300.

Bitcoin Cash Price Holds Ground

After a strong rally, Bitcoin Cash price faced sellers near the $335 zone. BCH traded as high as $333 and started a downside correction. There was a move below the $300 pivot level.

The price even declined below $265 before the bulls appeared near $250. A low is formed near $248 and the price is now slowly moving higher. There was a break above a key bearish trend line with resistance near $270 on the 4-hour chart of the BCH/USD pair.

Bitcoin Cash is trading above $265 and the 100 simple moving average (4 hours) and showing positive signs, unlike Bitcoin and Ethereum. Immediate resistance is near the $290 level. It is close to the 50% Fib retracement level of the downward move from the $333 high to the $248 low.

Source: BCH/USD on TradingView.com

The next major resistance is near $300 or the 61.8% Fib retracement level of the downward move from the $333 high to the $248 low. Any further gains could lead the price toward the $330 and $335 resistance levels in the near term. The next major hurdle is near the $350 level.

Dips Supported in BCH?

If Bitcoin Cash price fails to clear the $300 resistance, it could start a fresh decline. Initial support on the downside is near the $268 level or the 100 simple moving average (4 hours).

The next major support is near the $250 level, where the bulls are likely to appear. If the price fails to stay above the $250 support, the price could test the $225 support. Any further losses could lead the price toward the $200 handle in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key Support Levels – $268 and $250.

Key Resistance Levels – $290 and $300.

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.
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.