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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Cash Price Technical Analysis – BCH/USD Surging Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Technical analysis

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price soared higher and broke the $960 resistance level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $960 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to extend gains above the $1,000 and $1,020 levels in the near term.

Bitcoin cash price is surging higher above $980 against the US Dollar. BCH/USD will most likely clear sell offers near $1,000 for more gains.

Bitcoin Cash Price Upside Move

There was a nasty upside move in bitcoin cash price from the $900 swing low against the US Dollar. The price surged higher and broke many barriers on the way up such as $920 and $960. It traded close to the $1,000 level and formed a high near $996. It is clearly in a major uptrend above the $900 swing low and it may continue to move higher in the near term.

Should there be a downside correction from the current levels, the $970 level could act as a support. Moreover, there is a new connecting bullish trend line forming with support at $960 on the hourly chart of the BCH/USD pair. Below the trend line support, the 23.6% Fib retracement level of the last upside wave from the $819 low to $996 high is at $954. Therefore, it seems like the $950-960 support zone is very important for buyers. Below $950, the next support is near the 50% Fib retracement level of the last upside wave from the $819 low to $996 high at $900.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, there is a clear uptrend in place above the $950 level. BCH will most likely continue to move higher and it could even break the $1,000 and $1,020 resistance levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving nicely in a bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the overbought levels.

Major Support Level – $960

Major Resistance Level – $1,000

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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
The highest standards in reporting and publishing
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