Bitcoin Cash Price Weekly Analysis: BCH/USD’s Downtrend Intact

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Key Points

Bitcoin cash price remained under pressure and declined below the $1,000 support against the US Dollar.
There is a monster bearish trend line in place with resistance near $1,060 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to decline further and it could even break the last swing low of $948 in the near term.

Bitcoin cash price is in a bearish trend below $1,080 against the US Dollar. BCH/USD remains at a risk of more declines towards the $920 and $850 levels.

Bitcoin Cash Price Decline

This past week, there were sharp declines from the $1,100 swing high in bitcoin cash price against the US Dollar. The price declined and broke a few important support levels such as $1,050 and $1,000. It traded towards the $950 level before starting an upside correction. A low was formed at $948 and the price corrected above the 23.6% Fib retracement level of the last decline from the $1,322 high to $948 low.

However, the upside move was capped by the $1,050 resistance. It also failed to test and break the 38.2% Fib retracement level of the last decline from the $1,322 high to $948 low. BCH price is declining once again and it seems like it could retest the $948 low in the short term. A break below $948 could open the doors for a test of the $920 and $900 support levels. To the topside, there is a monster bearish trend line in place with resistance near $1,060 on the 4-hours chart of the BCH/USD pair.

Looking at the chart, the price is facing a tough challenge on the upside near $1,060 and the trend line. Above this, the last swing high of $1.150 is the next major hurdle for buyers.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly negative in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is declining towards the 30 level.

Major Support Level – $950

Major Resistance Level – $1,060

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.