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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 Struggle Continues

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price failed to correct above the $680 level and declined against the US Dollar.
  • There was a break below a short-term ascending channel with support at $665 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to move down and it could retest the $650 support level in the near term.

Bitcoin cash price is struggling to move above the $680 level against the US Dollar. BCH/USD is likely to resume its downside below the $660 level.

Bitcoin Cash Price Resistance

There was a minor upside correction initiated yesterday from the $625 swing low in bitcoin cash price against the US Dollar. The price moved above the $650 resistance to correct higher. It also broke the 23.6% Fib retracement level of the last decline from the $708 swing high to $625 low. Later, it started following a decent bullish path above the $640 level.

However, the price could not gain momentum above the $680 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $708 swing high to $625 low also acted as a resistance for buyers. As a result, there was a downside reaction below the $670 level. More importantly, there was a break below a short-term ascending channel with support at $665 on the hourly chart of the BCH/USD pair. The pair is now trading well below the $680 resistance and it remains at a risk of more losses.

Bitcoin Cash Price Technical Analysis BCH USD

If the pair continue to move down, it could retest the $650 level. Below $650, the price may even retest the last swing low of $625 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is showing a few tiny bullish signs above 40.

Major Support Level – $650

Major Resistance Level – $680

 

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.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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