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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Here’s Why

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

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Bitcoin cash price started a strong rally from $300 and it gained more than 15%, whereas BTC is struggling near $8,700. BCH/USD could continue to rise towards $400 in the near term.

  • Bitcoin cash price is up more than 15% and it broke the $350 resistance area against the US Dollar.
  • The price is showing a lot of positive signs above the $330 level and the 100 SMA (4-hours).
  • There was a break above a major declining channel with resistance near $324 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to accelerate towards $400 if it clears the $365 resistance area.

Bitcoin Cash Price Could Revisit $400

After getting rejected near $405, bitcoin cash price started a strong downside correction. BCH declined nearly $100 before the bulls took a stand near the $300 support.

A swing low is formed near $300 and the price restarted its upward move. It broke a major resistance area near the $320 level and the 100 simple moving average (4-hours) to move into a positive zone.

Moreover, there was a break above a major declining channel with resistance near $324 on the 4-hours chart of the BCH/USD pair. It opened the doors for more gains above the 50% Fib retracement level of the key decline from the $404 high to $299 swing low.

Bitcoin Cash Price
Bitcoin Cash Price

Bitcoin cash price is now above the $350 level, but it is now facing a strong resistance near $365. It represents the 61.8% Fib retracement level of the key decline from the $404 high to $299 swing low.

If there is a successful break above the $365 resistance, the price is likely to continue higher towards the main $400 resistance area in the near term

Losses Could Be Limited In BCH

There are slight chances of a minor correction if BCH bulls struggle to push the price above $365 resistance. In the mentioned case, an initial support is near the $350 level.

If there is an extended downside correction, bitcoin cash price might dive towards the $330 support. The main buy zone for the bulls is near the $320 level and the 100 simple moving average (4-hours).

Technical indicators

Hourly MACD – The MACD for BCH/USD is currently gaining strong pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level, with a bullish angle.

Key Support Levels – $350 and $330.

Key Resistance Levels – $365 and $400.

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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

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