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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 Technical Analysis – BCH/USD Remains Supported 2018-05-04

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

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Key Points

  • Bitcoin cash price started consolidating gains above the $1,420 level against the US Dollar.
  • There is a major bullish trend line forming with support at $1,440 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 it remains supported above $1,420.

Bitcoin cash price is placed nicely in a bullish zone against the US Dollar. BCH/USD may perhaps resume its upside once the current correction is over.

Bitcoin Cash Price Consolidation

After a major upside move above the $1,500 level, bitcoin cash price faced sellers against the US Dollar. The price traded as high as $1,538 before starting a downside correction. It declined and moved below the $1,500 support to start a short-term correction. It is currently testing the 23.6% Fib retracement level of the last wave from the $1,240 low to $1,538 high.

However, there are many supports on the downside on the way up to $1,400. First, there is a major bullish trend line forming with support at $1,440 on the hourly chart of the BCH/USD pair. Second, the 38.2% Fib retracement level of the last wave from the $1,240 low to $1,538 high. Third, the 100 hourly simple moving average near the $1,400 level. Finally, the 50% Fib retracement level of the last wave from the $1,240 low to $1,538 high at $1,389. Having said that, there are very less chances that the pair may correct below $1,400 in the short term.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, the price remains supported above the $1,420 level. On the upside, the $1,500 level is an initial resistance, followed by the $1,540 level. A break above the stated $1,540 level might open the doors for more gains towards $1,600.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved below the 50 level.

Major Support Level – $1,420

Major Resistance Level – $1,500

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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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