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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Cash Price Analysis: BCH/USD Correcting Lower

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price formed a new monthly high at $829 before starting a downside correction against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair broke the $760 support area and is currently trading below the 100 hourly simple moving average.

Bitcoin cash price is correcting lower from well above $800 against the US Dollar. BCH/USD must stay above the $720 support area to avoid more declines.

Bitcoin Cash Price Resistance

There were further gains in bitcoin cash price above the $800 level against the US Dollar. The BCH/USD pair even broke the $820 resistance and traded to a new monthly high at $829. Later, it faced sellers and started a downside correction below $800. There was a substantial downside move and the price broke the 50% Fib retracement level of the last wave from the $716 low to $829 high.

During the decline, there was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair. The pair even broke a major support at $760 and settled below the 100 hourly simple moving average. At the moment, the price is trading near the 76.4% Fib retracement level of the last wave from the $716 low to $829 high. It may extend the current decline towards the last swing low of $716 or the $720 support.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price must stay above the $716-720 support zone. It holds a lot of importance and a break below it could put a lot of pressure on buyers. On the upside, the broken support at $760 may now act as a resistance.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 40 level.

Major Support Level – $720

Major Resistance Level – $760

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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
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