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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Analysis: BCH/USD Extending Losses Towards $500

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

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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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Key Points

  • Bitcoin cash price failed to recover above $550 and declined recently against the US Dollar.
  • There is a crucial bearish trend line formed with resistance at $535 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to remain in a bearish zone and it could slide towards the $500 support.

Bitcoin cash price is under pressure below $550 against the US Dollar. BCH/USD could accelerate losses towards the $500 and $480 support levels.

Bitcoin Cash Price Analysis

There was a slow and steady decline initiated from well above $600 in bitcoin cash price against the US Dollar. The BCH/USD pair broke the $580 and $550 support levels to move into a bearish zone. The decline was such that there was a close below the $550 support and the 100 hourly simple moving average. The price recently traded below the $521 low and formed a new low at $510.

Later, there was a minor upside correction above $520. The price traded above the 23.6% Fib retracement level of the recent decline from the $561 high to $510 low. However, the price struggled to move above the $525-530 resistance. There is also a crucial bearish trend line formed with resistance at $535 on the hourly chart of the BCH/USD pair. Above the trend line, the 50% Fib retracement level of the recent decline from the $561 high to $510 low is a major hurdle near the $536 level. Therefore, a proper close above the $535 and $540 levels is required for a decent recovery.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is clearly at a risk of more slides towards the $500 support as long as it is below $540 and $550.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level with a bearish angle.

Major Support Level – $500

Major Resistance Level – $540

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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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