Bitcoin Cash Price Weekly Analysis – BCH/USD Remains in Uptrend

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price corrected lower and tested a major support at $1,240 against the US Dollar.
There is a major bullish trend line forming with support near $1,320 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair remains in an uptrend and it could soon break the $1,500 resistance for more gains.

Bitcoin cash price is bullish above $1,300 against the US Dollar. BCH/USD may continue to grind higher in the near term towards $1,500 and $1,600.

Bitcoin Cash Price Trend

After a solid rally, bitcoin cash price topped around the $1,576 level against the US Dollar. A downside correction was initiated and the price moved below the $1,500 level. The price also declined below the 23.6% Fib retracement level of the last upside leg from the $1,030 low to $1,576 high. It opened the doors for a larger correction and the price even broke the $1,300 support level.

However, the decline was protected by the $1,240-50 zone. Moreover, the 61.8% Fib retracement level of the last upside leg from the $1,030 low to $1,576 high also acted as a support. The downside move found support around $1,240. A base was formed and the price resumed its uptrend. It is now back above the $1,400 resistance and is trading in a bullish zone. There is also a major bullish trend line forming with support near $1,320 on the 4-hours chart of the BCH/USD pair. The pair remains well supported on the downside around the $1,320-40 levels.

Looking at the chart, it seems like the price may continue to move higher and it could soon break $1,500. A successful break above $1,500 may perhaps clear the path for a new high above $1,575 in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 55 level.

Major Support Level – $1,320

Major Resistance Level – $1,500

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.

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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