Bitcoin Cash Price Analysis: BCH/USD Testing Crucial Resistance

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Points

Bitcoin cash price declined further and traded towards the $650 level against the US Dollar.
There is a major bearish trend line in place with resistance at $765 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently trading near a major resistance at $750-770, which is acting as a barrier for buyers.

Bitcoin cash price extended declines below $700 against the US Dollar. BCH/USD is currently correcting higher, but it is facing hurdles near $760.

Bitcoin Cash Price Resistance

There was an increase in selling pressure below $800 on bitcoin cash price against the US Dollar. The BCH/USD pair extended declines below the $750 and $700 levels. It traded towards the $650 level and formed a low at $664. Later, the price started an upside correction and moved above the $700 level. However, the price is still way below the $800 handle and the 100 hourly simple moving average.

The price moved above the 23.6% Fib retracement level of the last decline from the $905 high to $664 low. However, there are many hurdles for buyers near the $750-770 zone. More importantly, there is a major bearish trend line in place with resistance at $765 on the hourly chart of the BCH/USD pair. Additionally, the 50% Fib retracement level of the last decline from the $905 high to $664 low is near the $785 level. Therefore, the price has to surpass the $750, $770 and $785 resistance levels to overcome sellers near $800.

Looking at the chart, the price is struggling to move further higher above $770. As long as the price is below the $800 handle, there is a risk of more losses below $700 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

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

Major Support Level – $700

Major Resistance Level – $770

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.

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.