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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: BCH/USD Could Extend Losses Below $150

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 broke the $170 and $165 support levels plus extended losses against the US Dollar.
  • There is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently under a lot of pressure and it could decline further below $150.

Bitcoin cash price faced an increased selling pressure below $175 against the US Dollar. BCH/USD could even break the $150 support level and trade towards $130.

Bitcoin Cash Price Analysis

After failing near the $175 resistance, bitcoin cash price started a fresh decline against the US Dollar. The BCH/USD pair extended declines recently and broke the $170 and $165 support levels. The price is now trading well below the $170 level and the 100 hourly simple moving average. Earlier, there was an upward move, but the price failed to break the $175 and $180 resistance levels.

During the recent decline, the price broke the $160 support and traded as low as $154. The price is currently consolidating above $150 and it is preparing for the next move. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $176 high to $154 low. However, the main resistance is near the $170 level. Moreover, there is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $176 high to $154 low.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is likely to break the $154 low and if sellers gain strength, they may even break $150. The next major support below $150 is near the $130 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

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

Major Support Level – $155

Major Resistance Level – $170

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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

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