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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Cash Price Analysis: BCH/USD is Struggling Below $450

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 failed to recover above the $440 and $450 resistance levels against the US Dollar.
  • There is a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could decline below $420 if it continues to struggle near the $440-450 zone.

Bitcoin cash price is facing a tough barrier at $450 against the US Dollar. BCH/USD may consolidate between $420-450 before it makes the next move.

Bitcoin Cash Price Analysis

Recently, there was a minor upside correction above the $430 level in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $440 level as well. Moreover, there was a slight upward move above the 23.6% Fib retracement level of the downward move from the $515 high to $422 low. However, the price failed to gain pace above the $445 and $450 levels.

There was also no proper close above the $440 level as the price struggled near the 100 hourly simple moving average. There is also a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair. The pair is trading well below the $450 resistance and the 100 hourly SMA, which is a bearish sign. On the downside, the price remains at a risk of a break below $420 and $410. Below these, the price may perhaps test the $400 handle.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be trading in a range above $420. The next break could be either above $450 or below $420 in the near term. Above $450, the price may possibly correct towards the $468 level. It represents the 50% Fib retracement level of the downward move from the $515 high to $422 low.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 40 level.

Major Support Level – $420

Major Resistance Level – $450

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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

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How Our News is Made

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