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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 Turned Sell on Rallies Near $440

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price declined further and traded close to the $420 support level against the US Dollar.
  • There is a new bearish trend line in place with resistance near $435 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to face a lot of selling interest if it trades towards $440 or $450.

Bitcoin cash price is back in a bearish zone below $450 against the US Dollar. BCH/USD could continue to face a lot of selling interest near the $440-450 zone.

Bitcoin Cash Price Analysis

Yesterday, there was a minor upside move above the $440 level in bitcoin cash price against the US Dollar. The BCH/USD pair traded close to the $450 level, but it failed to gain momentum. A high was formed around $449 and later the price moved south. It fell below the $440 level and broke the 100 hourly simple moving average. The price extended declines and traded close to the $420 support area.

A new weekly low was formed at $423 and later the price recovered. It corrected above the 23.6% Fib retracement level of the recent decline from the $449 high to $423 low. However, there are many resistances near the $435 and $440 levels. There is also a new bearish trend line in place with resistance near $435 on the hourly chart of the BCH/USD pair. Above the trend line, the next major resistance is near $440. It also coincides with the 61.8% Fib retracement level of the recent decline from the $449 high to $423 low.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is currently in a bearish zone below $450. As long as there is no close above $440 and $450, sellers remain in charge.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD may slowly move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the 40 level.

Major Support Level – $420

Major Resistance Level – $440

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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.

Read more

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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