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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cash Price Analysis: BCH/USD Rebound Facing Hurdle Near $185

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price declined heavily towards $150 before recovering a few points against the US Dollar.
  • There is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must break the $185, $190 and $200 resistance levels to move into a positive zone.

Bitcoin cash price tumbled and tested the $150 level against the US Dollar. BCH/USD is currently recovering, but it is facing a solid resistance near $185-190.

Bitcoin Cash Price Analysis

There was a sharp downside move from the $200 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined more than $50 and traded towards the $150 level. A new yearly low was formed at $147 and the price settled well below the 100 hourly simple moving average. Later, there was an upside correction and the price moved above $150 and $160.

There was a break above the 50% Fib retracement level of the last decline from the $209 high to $147 low. However, the upside move was capped by the $190 level, which was a support earlier. Moreover, there is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair. The pair was also rejected near the 61.8% Fib retracement level of the last decline from the $209 high to $147 low. The price started a fresh decline and it is currently trading below $180. To jump higher, the price must break the $185, $190 and $200 resistance levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price could decline towards $165 and $160 if there is a break above the $185 and $190 resistances. Above $190, the next hurdles is at $200.

Looking at the technical indicators:

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

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

Major Support Level – $160

Major Resistance Level – $190

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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
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