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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price traded as high as $637 and later corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near a major support at $575 and the 100 hourly simple moving average.

Bitcoin cash price started a downside correction from the $640 swing high against the US Dollar. BCH/USD is currently consolidating near $575 and it could bounce back.

Bitcoin Cash Price Analysis

Yesterday, there were extended gains above the $600 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $620 resistance and settled above the 100 hourly simple moving average. The price traded as high as $637 before sellers appeared. As a result, there was a downside correction and the price moved below the $600 level.

During the decline, the price broke the 50% Fib retracement level of the last leg from the $534 low to $637 high. Moreover, there was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair. The pair extended losses and it is currently trading near a major support at $575 and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last leg from the $534 low to $637 high is also near $575. Therefore, the price is likely to bounce back towards $600 and $620.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price showing positive signs above the $575 support. There could be a fresh bearish move, but the price is likely to stay above the $540-550 zone. On the upside, a break above the $620 resistance may push the price above $650.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is back in the bearish zone.

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

Major Support Level – $575

Major Resistance Level – $600

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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
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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