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Bitcoin Cash Price Technical Analysis – BCH/USD Bearish Again

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price failed to move past the $1770 resistance and moved down against the US Dollar.
  • There was a break below a major bullish trend line with support $1680 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is now moving lower and it is likely to extend declines toward the $1550 support area.

Bitcoin cash price is struggling to gain traction above $1750 against the US Dollar. BCH/USD is now back in the bearish zone and is currently moving down toward $1550.

Bitcoin Cash Price Resistance

After a decent upside move above $1750, bitcoin cash price faced sellers against the US Dollar. The price started a downside move and traded below the $1700 support level to initiate a downtrend. There was a break below 23.6% Fib retracement level of the last wave from the $1468 low to $1772 high. More importantly, there was a break below a major bullish trend line with support $1680 on the hourly chart of BCH/USD.

The pair is currently under a lot of pressure below $1650 and the 100 hourly simple moving average. It is now below the 50% Fib retracement level of the last wave from the $1468 low to $1772 high. This is a strong bearish sign and is means the price may accelerate lower towards $1550. The mentioned $1550 support is important in the short term since it was a resistance earlier. An intermediate support is the 61.8% Fib retracement level of the last wave from the $1468 low to $1772 high at $1584.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, there is a bearish trend line forming with resistance at $1650. As long as the price is below $1650, it could continue to move down.

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 is moving lower and it has reached the 30 level.

Major Support Level – $1550

Major Resistance Level – $1650

 

Charts courtesy – SimpleFX

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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
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