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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity
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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Bitcoin Cash Price Analysis: BCH/USD Tumbled Below $1,300

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 was not able to move above $1,480-1,500 and declined sharply against the US Dollar.
  • There was a break below a key connecting bullish trend line with support at $1,410 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair even broke the last swing low and it could continue to decline towards the $1,200 level.

Bitcoin cash price tumbled below key supports against the US Dollar. BCH/USD is now trading well below $1,300 with a bearish angle in the short term.

Bitcoin Cash Price Decline

Yesterday, we discussed how $1,480 and $1,500 levels stopped the upside move in bitcoin cash price against the US Dollar. The price failed to move above the mentioned levels and declined sharply below $1,400. The decline was such that the price even broke the 76.4% Fib retracement level of the last wave from the $1,330 low to $1,495 high.

It opened the doors for more losses and there was a break below a key connecting bullish trend line with support at $1,410 on the hourly chart of the BCH/USD pair. The pair even settled below the $1,300 support and the 100 hourly simple moving average. These are bearish signs below $1,300 and it seems like the price may continue to trade lower in the short term. It is currently trading near the $1,240 level with a lot of selling pressure. If it corrects higher it could test the 23.6% Fib retracement level of the last drop from the $1,495 high to $1,240 low.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price may continue to accelerate declines towards the $1,200 level. Any further declines would depend how buyers react around the stated $1,200 support level in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels.

Major Support Level – $1,200

Major Resistance Level – $1,300

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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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Created by industry experts and meticulously reviewed
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