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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cash Price Analysis: BCH/USD Resumes Downtrend

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price failed to move above the $775 resistance and declined against the US Dollar.
  • This week’s highlighted key bearish trend line played well with resistance at $720 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is moving lower and it seems like it could revisit the last swing low of $665.

Bitcoin cash price is back in a downtrend below $720 against the US Dollar. BCH/USD is likely to accelerate declines back towards the $665 and $650 levels.

Bitcoin Cash Price Decline

Yesterday, we saw a failure near the $775 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair started a fresh downside wave and broke the $750 and $720 support levels. There was even a close below the $750 pivot level and the 100 hourly simple moving average. It seems like the price failed to break the 50% Fib retracement level of the last decline from the $905 high to $664 low.

It opened the doors for a new bearish wave and the price tumbled below $700. It even surpassed the 50% Fib retracement level of the last leg from the $665 low to $779 high. More importantly, this week’s highlighted key bearish trend line played well with resistance at $720 on the hourly chart of the BCH/USD pair. The pair is currently trading just below the $700 level with a bearish angle. If the 76.4% Fib retracement level of the last leg from the $665 low to $779 high fails to hold declines, there could be more losses towards the last swing low of $665.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is back in a downtrend below $720, above which there are chances of an upside recovery.

Looking at the technical indicators:

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

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

Major Support Level – $665

Major Resistance Level – $720

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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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