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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – BCH/USD Decline Could Extend

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price remains in a bearish zone and is currently trading below $880 against the US Dollar.
  • There is a major declining channel forming with resistance near $880 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may correct a few points in the near term, but upsides could be capped by $880 and $900.

Bitcoin cash price is struggling to move higher against the US Dollar. BCH/USD is now well below the $900 and $950 pivot levels.

Bitcoin Cash Price Trend

There is a solid bearish trend in place in bitcoin cash price since it broke the $900 level against the US Dollar. The price also broke the $880 support level recently and even pierced the $850 level. A new low was formed at $848 before the price found buyers. A minor correction is underway and the price moved above the $850 level. It is now approaching the 23.6% Fib retracement level of the last drop from the $976 high to $848 low.

However, there are many hurdles on the upsides around the $900 level. There is also a major declining channel forming with resistance near $880 on the hourly chart of the BCH/USD pair. The channel resistance is a crucial barrier for the current wave around $880. A break above the $880 level could push the price towards the next hurdle at $900. The next main resistance is the 50% Fib retracement level of the last drop from the $976 high to $848 low.

Bitcoin Cash Price Technical Analysis BCH USD

If the price fails to move above the $880 level, there could be a downside reaction. In this case, the price may even break the last low of $848 for more losses.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 50 level.

Major Support Level – $850

Major Resistance Level – $900

Charts courtesy – Trading View

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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

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