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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: Can BCH/USD Hold 100 SMA?

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
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price started a downside correction from $1,200 and declined below $1,100 against the US Dollar.
  • There was a break below a major bullish trend line with support at $1,140 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to stay above the $1,070 level and the 100 hourly simple moving average to avoid more losses.

Bitcoin cash price trimmed most of its gains against the US Dollar. BCH/USD is now below $1,140 and is struggling to hold the 100 hourly SMA.

Bitcoin Cash Price Support

After trading above the $1,200 level, bitcoin cash price faced sellers against the US Dollar. The price formed a top at $1,209 and started a downside move. It broke a few important support near the $1,180 and $1,140 levels. Moreover, there was even a break below the 50% Fib retracement level of the last leg from the $1,057 low to $1,209 high.

The slide was substantial as the price moved below the $1,100 support. More importantly, there was a break below a major bullish trend line with support at $1,140 on the hourly chart of the BCH/USD pair. The pair is currently trading just above the $1,070 support and the 100 hourly simple moving average. The stated $1,070 level already acted as a strong support once, which is why it holds a lot of importance. If the price fails to stay above $1,070 and the 100 hourly SMA, there could be more declines towards $1,040 and $1,000.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the next major support sits near the 1.236 Fib extension level of the last leg from the $1,057 low to $1,209 high at $1,020. Therefore, the price must hold the 100 hourly SMA and $1,070 to avoid more slides.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 30 level.

Major Support Level – $1,070

Major Resistance Level – $1,140

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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
How Our News is Made

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