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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Bitcoin Cash Price Analysis: BCH/USD Consolidating Below $200

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price remained below the $200 resistance and corrected lower against the US Dollar.
  • There is a major bearish trend line formed with resistance near $193 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could consolidate in the short term below $195 and $200 before the next move.

Bitcoin cash price remained in a range below the $200 resistance against the US Dollar. BCH/USD must climb above $190 and $200 to climb further higher in the near term.

Bitcoin Cash Price Analysis

Yesterday, we saw a rejection in bitcoin cash price near the $195-200 resistance zone against the US Dollar. The BCH/USD pair corrected lower and traded below the $180 level. It tested the $165 support area and formed a base for the next move. The price climbed higher and retested the $195-200 zone where sellers appeared. There was a fresh decline recently and the price traded towards the $170 level.

A new intraday low was formed at $172 and later the price corrected higher. It moved above the 23.6% Fib retracement level of the recent decline from the $197 high to $172 low. There was also a close above the $180 level and the 100 hourly simple moving average. However, there are many resistances on the upside near the $188 and $190 levels. There is also a major bearish trend line formed with resistance near $193 on the hourly chart of the BCH/USD pair. Below the trend line, the 61.8% Fib retracement level of the recent decline from the $197 high to $172 low is also a hurdle.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be consolidating below the $200 resistance. On the downside, the key support is at $165, below which the price may test $150.

Looking at the technical indicators:

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

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

Major Support Level – $165

Major Resistance Level – $195

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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
The highest standards in reporting and publishing
How Our News is Made

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

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