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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Break This? 2018-01-07

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Bitcoin Cash Price Weekly Analysis BCH USD

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Key Points

  • Bitcoin cash price is struggling to move above the $2600 and $2700 resistance levels against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair has to move above the $2600 and $2700 levels to gain traction in the near term.

Bitcoin cash price is finding bids above the $2200 level against the US Dollar. BCH/USD must close above $2700 to move back in the bullish zone.

Bitcoin Cash Price Upside Hurdle

After a sharp downside move toward $2000, bitcoin cash price found support against the US Dollar. The price started a recovery and managed to settle above $2200. There were a couple of upside attempts, but it struggled to move above $2800 and then at $2700. It seems like there is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD.

The mentioned trend line is acting as a major upside hurdle and prevented gains above $2700. The trend line at $2600-2700 is also around the 100 simple moving average on the same chart. Therefore, a break above $2700 and the 100 SMA won’t be easy. The pair is currently above the 50% Fib retracement level of the last drop from the $2880 high to $2281 low.

Bitcoin Cash Price Weekly Analysis BCH USD

However, it has to move above $2700 and the 61.8% Fib retracement level of the last drop from the $2880 high to $2281 low to gain upside momentum. Once there is a close above the $2700 resistance and the 100 SMA, the price could accelerate toward $3000 and then $3200. On the downside, the $2200 and $2000 levels are important supports.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly flat and is showing signs of a range.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Level – $2200

Major Resistance Level – $2700

 

Charts courtesy – Trading View, Kraken

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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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