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Bitcoin Cash Price Analysis: BCH/USD Holding Key Support Near $435

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 dipped towards the $435 support and recovered against the US Dollar.
  • There is a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains supported on dips near the $440 and $435 levels in the near term.

Bitcoin cash price is holding key supports against the US Dollar. BCH/USD may continue to consolidate before the next leg either above $460 or below $430.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price turned buy on dips near the $435 support against the US Dollar. The BCH/USD pair recently declined a few points after forming a high near $452. It moved below the $445 and $440 levels. There was also a break below the 23.6% Fib retracement level of the upside move from the $422 low to $453 swing high.

However, buyers managed to hold losses below the $435-440 support zone along with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the upside move from the $422 low to $453 swing high also acted as a support. The current price action is stable above the $435 support. There is also a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair. As long as the price is above the trend line, $435, and the 100 hourly SMA, it remains supported on dips. On the upside, the price is facing tough resistances near the $450 and $460 levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price may consolidate in the short term above the $435 support. If sellers break the stated support, there could be a push towards the $420 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 just above the 50 level.

Major Support Level – $435

Major Resistance Level – $450

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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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