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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Bitcoin Cash Price Analysis: BCH/USD Remains at Risk of More Losses

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:31 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price failed to move above the $530 resistance zone and declined against the US Dollar.
  • This week’s followed important bearish trend line is intact with resistance at $525 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $525 and $530 resistance levels to gain traction in the near term.

Bitcoin cash price is showing a few bearish signs below $530 against the US Dollar. BCH/USD could decline further if buyers fail to keep the price above $500.

Bitcoin Cash Price Analysis

Yesterday, we discussed two important resistance levels near $530 and $535 for bitcoin cash price against the US Dollar. The BCH/USD pair failed to break the $530 resistance and remained under pressure. There was also no break above the 50% Fib retracement level of the last slide from the $550 high to $503 low. The price also struggled to gain traction above the 100 hourly simple moving average, which is currently at $526.

The recent swing low was formed at $507 and the price is currently correcting higher. An immediate resistance is near the 61.8% Fib retracement level of the recent drop from the $5528 high to $507 low at $520. Above this, the price is likely to face a strong resistance near the $530 zone. More importantly, this followed important bearish trend line is intact with resistance at $525 on the hourly chart of the BCH/USD pair. Therefore, buyers need to clear the $525 and $530 resistance levels to push the price in a positive zone.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be at a risk of more losses below $500. If sellers push the price below the $503 and $500 support levels, there could be more downsides.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just below the 50 level.

Major Support Level – $500

Major Resistance Level – $530

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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

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Created by industry experts and meticulously reviewed
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