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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Cash Price Analysis: BCH/USD Nosedived Below $475

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price failed to bounce back and broke the $500 support against the US Dollar.
  • There was a break below a declining channel with support at $495 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair declined sharply and broke the $475 and $460 support levels.

Bitcoin cash price nosedived below key supports against the US Dollar. BCH/USD is currently under pressure as it turned sell on rallies near $470-475.

Bitcoin Cash Price Analysis

Yesterday, we saw how bitcoin cash price failed to break the $530 resistance and declined against the US Dollar. The BCH/USD pair declined further and broke an important support near the $500 level. It opened the doors for more losses and the price dropped sharply below the $475 and $460 support levels. There was even a close below the $475 level and the 100 hourly simple moving average.

During the decline, there was a break below a declining channel with support at $495 on the hourly chart of the BCH/USD pair. The price even broke the $450 support and traded as low as $440. A low was formed at $440 and the price is currently in a bearish zone. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $514 high to $440 low. An upward move won’t be easy since there are many resistance near the $475 level. The 50% Fib retracement level of the last decline from the $514 high to $440 low is also near $477.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price has moved sharply into a bearish zone below $500. If there is a break below the $440 low, the price may even drop towards the $400 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 30 level.

Major Support Level – $440

Major Resistance Level – $475

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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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