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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Bitcoin Cash Price Analysis: BCH/USD Could Retest $825

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price failed to move past the $900-910 resistance and declined sharply against the US Dollar.
  • Yesterday’s highlighted key bullish trend line was breached at $880 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently under a bearish pressure and it could soon retest the $825 support.

Bitcoin cash price struggled to trade above $910 against the US Dollar. BCH/USD declined and it may perhaps continue to move down towards the $825 support.

Bitcoin Cash Price Decline

There were many attempts to break the $900-910 resistance zone by bitcoin cash price against the US Dollar. The price failed to settle above $910, which resulted in a sharp downside move. It declined and broke many supports, including $900 and $880. BCH price even settled below the $875 level and the 100 hourly simple moving average to move into a bearish zone.

More importantly, yesterday’s highlighted key bullish trend line was breached at $880 on the hourly chart of the BCH/USD pair. The pair even broke the 50% Fib retracement level of the last wave from the $824 low to $926 high. Therefore, there are chances of more losses below the $850 level in the near term. At the moment, the price is consolidating near the 76.4% Fib retracement level of the last wave from the $824 low to $926 high. However, the price may perhaps continue to move down and it could soon retest the $825 swing low. Below this, the price may even revisit the $800 support zone.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly under bearish pressure below $880. To initiate a recovery, it has to move above the $880 barrier and the 100 hourly SMA.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels with bearish signs.

Major Support Level – $825

Major Resistance Level – $880

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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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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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