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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Cash Price Analysis: BCH/USD Dips Remain Supported Above $540

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 extended gains above the $550 resistance and traded towards $600 against the US Dollar.
  • There was a break above a bullish pennant pattern with resistance at $522 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair traded as high as $592 and it is currently correcting lower towards key supports.

Bitcoin cash price is placed nicely above the $540 support against the US Dollar. BCH/USD remains supported on dips near the $540 and $525 levels.

Bitcoin Cash Price Analysis

There was an increase in buying interest for bitcoin cash price above the $520 level against the US Dollar. The BCH/USD pair completed a downside correction yesterday at $510. Later, the pair gained traction and made a nice upside move above the $525 and $540 levels. The price action was such that buyers gained control above the $540 level and the price gained substantially.

During the rise, there was a break above a bullish pennant pattern with resistance at $522 on the hourly chart of the BCH/USD pair. The pair broke the $580 resistance and traded close to the $600 level. A new weekly high was formed at $592 before the price corrected lower. It moved down below the 23.6% Fib retracement level of the last wave from the $503 low to $592 high. On the downside, there are many supports above the $540 level. An immediate support is at $550. Below this, the 50% Fib retracement level of the last wave from the $503 low to $592 high is at $547.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is trading in an uptrend above the $540 level. On the upside, a break above $590 and $600 could accelerate gains in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $540

Major Resistance Level – $590

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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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