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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: BCH/USD Recovery Faces Hurdle Near $280

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

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Key Points

  • Bitcoin cash price declined further and traded close to the $200 support against the US Dollar.
  • This week’s followed important bearish trend line is still in place with resistance at $280 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could find it difficult to clear the $275 and $280 resistance levels in the near term.

Bitcoin cash price tested the $200 support area and recovered against the US Dollar. However, BCH/USD is facing a solid resistance near the $280 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price could slide further towards $200 against the US Dollar. The BCH/USD pair did decline further and traded below the $240 and $220 support levels. It traded close to the $200 level and settled below the 100 hourly simple moving average. The price traded as low as $202 and later started an upside correction. Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $361 high to $202 low.

However, the recent recovery faced a solid resistance near the $280 level. More importantly, this week’s followed important bearish trend line is still in place with resistance at $280 on the hourly chart of the BCH/USD pair. Besides, the 50% Fib retracement level of the recent slide from the $361 high to $202 low acted as a hurdle. The pair is currently consolidating near the $250 level with a minor bullish angle. It seems like buyers could make another attempt to clear the $275 and $280 resistance levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price may find it difficult to surpass the $280 barrier. If buyers succeed, the price could recover towards the $300 and $330 levels in the near term.

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 currently just around the 50 level.

Major Support Level – $220

Major Resistance Level – $280

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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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