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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Cash Price Analysis: BCH/USD’s Upsides Capped Near $450

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price is struggling to recover and move back above $445-450 against the US Dollar.
  • There is a key bearish trend line in place with resistance at $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could continue to move down as long as it is below the $445 and $450 resistances.

Bitcoin cash price is facing heavy selling interest below $450 against the US Dollar. BCH/USD could accelerate losses if there is a break below $425.

Bitcoin Cash Price Analysis

There was a fresh bearish wave initiated from the $475 pivot level in bitcoin cash price against the US Dollar. The BCH/USD pair declined and broke a key support at $450. There was even a close below the $445 level and the 100 hourly simple moving average. The price recently traded towards the $425 level and is currently recovering higher. It tested the 23.6% Fib retracement level of the last decline from the $508 high to $425 low.

However, upsides were capped by the $445 and $450 resistance levels. There is also a key bearish trend line in place with resistance at $445 on the hourly chart of the BCH/USD pair. Above the trend line, the price is likely to face sellers near the $460 level. Above this, the 50% Fib retracement level of the last decline from the $508 high to $425 low is at $467. As long as the price is below the $450 and $467 resistance levels, there is a risk of more losses. On the downside, a break below the $425 low could open the doors for a push towards the $400 handle.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price seems to be trading in a bearish zone below $450. More declines are possible if there is no recovery above $467.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the 50 level.

Major Support Level – $425

Major Resistance Level – $450

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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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