Bitcoin Cash Price Analysis: BCH/USD Formed Double Bottom Near $400

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin cash price dipped sharply and retested the $410 support area against the US Dollar.
There was a break above a connecting bearish trend line with resistance at $415 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair could correct lower towards $418 or $415 before it can recover further in the near term.

Bitcoin cash price dipped and then recovery quickly above $420 against the US Dollar. BCH/USD could trade towards the $430 or $440 resistance in the short term.

Bitcoin Cash Price Analysis

Yesterday, bitcoin cash price failed to settle above the $420-422 zone against the US Dollar. The BCH/USD pair dipped sharply and retested the $408-410 support area where buyers emerged. The price found a strong buying interest near $410, resulting in a sharp upward move. Buyers pushed the price back above the $415 and $420 resistance levels.

Moreover, there was a break above a connecting bearish trend line with resistance at $415 on the hourly chart of the BCH/USD pair. The pair tested the $430 resistance zone and the 100 hourly simple moving average. Buyers struggled to push the price above the $430 level, resulting in a short term correction. The pair moved below the 23.6% Fib retracement level of the recent wave from the $407 low to $429 high. It seems like there could be more declines, but buyers are likely to protect the $418 and $415 support levels. Besides, the 50% Fib retracement level of the recent wave from the $407 low to $429 high is also near $418.

Looking at the chart, BCH price is forming a decent support near the $410 level. As long as the price is above $407, it could make another attempt to surpass $430.

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 well above the 50 level.

Major Support Level – $415

Major Resistance Level – $430

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.

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.
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