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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Cash Price Analysis: BCH/USD Extends Its Decline

Aayush Jindal
Aayush Jindal
6 years 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 move above the $1,350 resistance and declined sharply against the US Dollar.
  • There is a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently correcting higher, but it may face many barriers on the upside near $1,240-50.

Bitcoin cash price is under pressure below $1,300 against the US Dollar. BCH/USD is likely to extend declines further if it fails to move above $1,250.

Bitcoin Cash Price Decline

Recently, there was a minor upside correction above $1,300 in bitcoin cash price against the US Dollar. The price traded towards $1,340 where sellers appeared and protected more upsides. As a result, the price started a fresh downside move and declined back below $1,300. Sellers gained momentum, which pushed the price even below the $1,240 and $1,220 support levels.

The decline was such that the price almost tested the $1,150 level. A low was formed at $1,156 from where an upside correction is currently underway. It is currently testing the 23.6% Fib retracement level of the last drop from the $1,339 high to $1,156 low. However, there are many hurdles on the upside for buyers near $1,220-50. There is also a major bearish trend line formed with resistance at $1,250 on the hourly chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last drop from the $1,339 high to $1,156 low is near $1,248 to act as a resistance.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly under bearish pressure below $1,250. A break above $1,240-50 is needed for a bounce back, else there is a risk of more declines towards $1,100 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering from the 30 level.

Major Support Level – $1,150

Major Resistance Level – $1,250

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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.

Read more

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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