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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Cash Price Technical Analysis – BCH/USD to Retest $2500?

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 is moving lower from the $2960 swing high against the US Dollar.
  • There was a break below a major bullish trend line with support at $2840 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might continue to decline and it will most likely retest the $2500 support area.

Bitcoin cash price is trading lower from $3000 against the US Dollar. BCH/USD might decline further towards the $2500 and $2400 support levels.

Bitcoin Cash Price Resistance

There was a decent upside move in bitcoin cash price above the $2600 level against the US Dollar. The price traded towards the $3000 level, but there was no test of the stated level. A high was formed near $2960 and the price started a downside correction. It traded below the $2800 support. There was also a break below a major bullish trend line with support at $2840 on the hourly chart of BCH/USD.

The pair traded below the $2600 support and formed a low at $2543. Later, an upside wave was initiated and the price moved above the $2600 level. It also moved above the 23.6% Fib retracement level of the last decline from the $2960 high to $2543 low. However, the upside wave was protected by the $2750 resistance level. Moreover, the 38.2% Fib retracement level of the last decline from the $2960 high to $2543 low also acted as a resistance. On the upside, there is also a bearish trend line on the same chart with current resistance at $2750.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, it seems like the price is facing a major resistance at $2750. BCH might decline once again and retest the $2500 support area.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing signs of a trend change.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still way below the 50 level.

Major Support Level – $2500

Major Resistance Level – $2750

 

Charts courtesy – Trading View, Kraken

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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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