Bitcoin Cash Price Analysis: BCH/USD Back above $1,100

Aayush Jindal

Last Updated: June 11, 2024 1:37 pm

2 mins read

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Key Points

Bitcoin cash price held the $1,040 support and moved higher above $1,100 against the US Dollar.
There was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is now placed nicely above the $1,100 level and the 100 hourly simple moving average.

Bitcoin cash price bounced back from $1,040 against the US Dollar. BCH/USD is now back in a bullish zone above the $1,100 pivot level.

Bitcoin Cash Price Trend

After a substantial downside correction, bitcoin cash price found buyers around $1,040 against the US Dollar. The stated $1,040 level was a major resistance earlier and this time it acted as a support. A low was formed at $1,045 before the price started an upside move. It recovered above the $1,100 resistance and also closed above the 100 hourly simple moving average.

The price also succeeded in breaking the 50% Fib retracement level of the last decline from the $1,209 high to $1,045 low. Moreover, there was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair. The pair is now moving nicely in a positive zone above the $1,100 level. At the moment, the price is consolidating near the 61.8% Fib retracement level of the last decline from the $1,209 high to $1,045 low. There may well be a couple of swing moves in a range before the price makes the next move, possibly above $1,160.

Looking at the chart, the price is showing a lot of positive signs above $1,100. On the upside, the next resistances are placed near $1,160, $1,180 and $1,200. Supports are at $1,120, $1,100 and 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

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

Major Support Level – $1,100

Major Resistance Level – $1,160

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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