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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $680

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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

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Key Points

  • Bitcoin cash price remained in a range and consolidated above the $680 support against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses as long as it is below the $710 and $720 resistance levels.

Bitcoin cash price is struggling to move above $710 against the US Dollar. BCH/USD is currently consolidating and it remains at a risk of further declines.

Bitcoin Cash Price Trend

After a major decline below the $700 level, bitcoin cash price found support near $680 against the US Dollar. The BCH/USD pair formed a low near $683 and later it started a minor upside correction. It moved above the $690 level, but it failed to move past the $700-710 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $780 high to $683 low also acted as a resistance.

It seems like the $700-710 zone is a major resistance and a pivot area. A break above the same is needed for a push towards the next resistance at $720-725. More importantly, yesterday’s highlighted key bearish trend line is intact with current resistance near $720 on the hourly chart of the BCH/USD pair. The trend line now coincides with the 38.2% Fib retracement level of the last decline from the $780 high to $683 low. The next hurdle for buyers is near the $730 level and the 100 hourly simple moving average.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, there are clearly many hurdles for buyers above $710. Therefore, a major upside recovery towards $750 won’t be easy. On the downside, a break below the $680 support could push the price towards $650.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now back below the 50 level.

Major Support Level – $680

Major Resistance Level – $720

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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

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

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