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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Cash Price Analysis: BCH/USD Turns South Towards $500

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price failed to break the $550 resistance and declined recently against the US Dollar.
  • There was a break below a key bullish trend line with support at $525 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is under pressure and it may continue to move down towards the $500 support.

Bitcoin cash price failed near key resistances against the US Dollar. BCH/USD is heading south and there could be more losses towards the $500 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed a possible upside move if bitcoin cash price clear the $550 resistance against the US Dollar. The BCH/USD pair failed to gain traction above the $550 level. There was also a rejection noted near the 50% Fib retracement level of the last decline from the $591 high to $508 low. The price started a fresh downside move and traded below the $530 support.

During the decline, there was a break below a key bullish trend line with support at $525 on the hourly chart of the BCH/USD pair. The pair also cleared the last swing low at $520. It tested the 1.236 Fib extension level of the last wave from the $520 low to $549 high. If sellers remain in control, there could be more losses in the near term towards the $510 and $500 support levels. An intermediate support is at $502 and the 1.618 Fib extension level of the last wave from the $520 low to $549 high. On the upside, the $525-530 zone may now act as a resistance.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is now trading well below the 100 hourly SMA and $530. As long as there is no close above the 100 hourly SMA, there is a risk of more losses towards $500.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving towards the 25 level.

Major Support Level – $500

Major Resistance Level – $530

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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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