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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin Cash Price Analysis: BCH/USD Struggling Near $775

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
technical analysis bitcoin cash

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price attempted an upside recovery and tested the $770-780 resistance against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $760, $770 and $775 resistance zone to gain traction in the near term.

Bitcoin cash price is struggling to break the $775 resistance against the US Dollar. BCH/USD may trade in a range before making an attempt to break $770-780.

Bitcoin Cash Price Upside Hurdle

There was a minor upside move above the $700 level in bitcoin cash price against the US Dollar. The BCH/USD pair managed to move above the $750 resistance zone and traded with a few bullish moves. There was a break above the 38.2% Fib retracement level of the last drop from the $904 high to $665 swing low. However, the price faced a strong resistance zone near $770-780, which prevented further gains.

More importantly, yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair. The 50% Fib retracement level of the last drop from the $904 high to $665 swing low is also acting as a resistance. Additionally, the 100 hourly simple moving average is positioned with the trend line and resistance near $760. Therefore, it seems like the price has to move above the $760, $770 and $775 resistance levels to recover further in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price may perhaps trade in a range below $780 for a few sessions. If there is a break above $775 and $780, there could be a nice drift above the $800 level.

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 currently just below the 50 level.

Major Support Level – $720

Major Resistance Level – $775

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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