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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin Cash Price Analysis: Upsides In BCH/USD Capped Near $445

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

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price declined after it failed to break the $445-450 resistance against the US Dollar.
  • There is a connecting bearish trend line in place with resistance at $442 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above the $430-435 area to avoid a downside break towards $400.

Bitcoin cash price is under pressure below $445 against the US Dollar. BCH/USD may continue to face sellers near the $440-450 resistance zone.

Bitcoin Cash Price Analysis

During the past few days, there were multiple rejections near the $440 and $450 levels in bitcoin cash price against the US Dollar. The BCH/USD pair failed to gain momentum above $450 and remained in a bearish zone. The recent swing high was $445 and the price dipped below the $440 level. The price is currently trading well below the $440 level and the 100 hourly simple moving average.

It tested the $434 support area, which is acting as a strong buy zone. The price may bounce back above $438, but there are many hurdles on the upside. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $445 high to $434 low. Additionally, there is a connecting bearish trend line in place with resistance at $442 on the hourly chart of the BCH/USD pair. The 50% Fib retracement level of the recent decline from the $445 high to $434 low is just below the trend line. More importantly, the 100 hourly SMA is near the $442 level. Therefore, if the price corrects higher, it could face a strong resistance near the $440-442 zone.

Bitcoin Cash Price Analysis BCH CHart

Looking at the chart, BCH price is also at a risk of a downside break below the $432-434 area. The next main support is at $425, followed by $400.

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 currently near the 40 level.

Major Support Level – $434

Major Resistance Level – $442

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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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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

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