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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin Cash Price Analysis: BCH/USD’s Failure Near $900

Aayush Jindal
Aayush Jindal
1 year ago
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 failed to move above the $900 resistance zone and declined against the US Dollar.
  • There is a short-term connecting bullish trend line formed with support at $865 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above $860 and the 100 hourly simple moving average to avoid more losses.

Bitcoin cash price failed to surpass a major hurdle near $900 against the US Dollar. BCH/USD declined and is currently testing the 100 hourly SMA.

Bitcoin Cash Price Resistance

Yesterday, we saw a decent upside move in bitcoin cash price above the $880 level against the US Dollar. The price traded towards the $900-910 resistance zone where sellers appeared. It failed to move above $910 and started a downside move. There was a major bearish reaction and the price declined below the $880 level. Moreover, there was also a break below the 50% Fib retracement level of the last wave from the $826 low to $927 high.

At the moment, the price is approaching a key support area above $860. There is also a short-term connecting bullish trend line formed with support at $865 on the hourly chart of the BCH/USD pair. The same trend line is positioned around the 61.8% Fib retracement level of the last wave from the $826 low to $927 high. Moreover, the 100 hourly simple moving average is positioned around the $860 level. Therefore, the $860-865 support zone holds a lot of importance.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair must stay above $860 and the 100 hourly simple moving average. If not, there are chances of more declines below the $850 level in the near term. On the upside, resistances are seen near $880 and $900 levels.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD dipped sharply below the 50 level.

Major Support Level – $860

Major Resistance Level – $900

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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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