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Breaking News: VanEck Predicts Bitcoin Could Reach $2.9 Million In New Long-Term Capital Report

Bitcoin Cash Price Analysis: BCH/USD Remains Buy on Dips

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 climbed higher recently and broke the $550 resistance against the US Dollar.
  • There is a major bullish trend line formed with support at $522 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could correct further lower, but it is likely to find bids near $520 in the near term.

Bitcoin cash price rallied recently above $500 against the US Dollar. BCH/USD is now in an uptrend and dips remain supported on the downside.

Bitcoin Cash Price Analysis

In the weekly analysis, we discussed the chances of bitcoin cash price surpassing the $500 barrier against the US Dollar. The BCH/USD pair did trade higher and broke many resistances near the $550 level. It traded close to the $600 level and formed a high at $589. Later, the price started a downside correction and declined below $560. There was a break below the 23.6% Fib retracement level of the recent wave from the $456 low to $489 high.

However, there are many supports on the downside near $520. More importantly, there is a major bullish trend line formed with support at $522 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $456 low to $489 high. Therefore, if the pair continues to move down, it is likely to find bids near $520 in the near term. If there is a break below the $520 zone, the next support is near the $500 handle.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is clearly placed in an uptrend above the $500 handle. In the short term, there could be corrective moves before the next rally above $560 and $580.

Looking at the technical indicators:

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

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

Major Support Level – $520

Major Resistance Level – $580

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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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