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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Bitcoin Cash Price Weekly Analysis: BCH/USD Bearish Below $730

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price techanalysis

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Key Points

  • Bitcoin cash price declined and broke the $730 and $705 support levels against the US Dollar.
  • There is a major bearish trend line formed with resistance at $710 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above $710 and $730 to start a decent recovery in the near term.

Bitcoin cash price is under pressure below the $730 pivot level against the US Dollar. BCH/USD may perhaps recover, but upsides could be capped.

Bitcoin Cash Price Resistance

There was a crucial failure above the $750 level in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and broke the $735 and $705 support levels. BCH even traded below the $700 level and formed a new monthly low at $684. It is currently trading well below the $730 pivot level and the 100 simple moving average (4-hours), which is a bearish sign.

It is currently correcting higher towards the $710 resistance. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $771 high to $684 low. There is also a major bearish trend line formed with resistance at $710 on the 4-hours chart of the BCH/USD pair. However, there is a crucial barrier formed near $730-735. It coincides with the 61.8% Fib retracement level of the last decline from the $771 high to $684 low. It also presents the previous support zone near $735. Therefore, a break above $730-735 is needed for a larger upward move in BCH.

Bitcoin Cash Price Weekly Analysis BCH USD

Looking at the chart, BCH price is under a lot of pressure below $730 and $710. If it slides further and breaks $684, it could extend losses towards the $665 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly heading into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 40 level.

Major Support Level – $684

Major Resistance Level – $730

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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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