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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Cash Price Analysis: BCH/USD Under Pressure Below $180

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price failed to trade above $175-180 and declined sharply against the US Dollar.
  • There are two key bearish trend lines formed with resistance near $175 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near the $165 support and it could tumble towards $150 in the near term.

Bitcoin cash price struggled to hold gains above $180 against the US Dollar. BCH/USD is under pressure and it looks set to clear the $160 and $150 support levels.

Bitcoin Cash Price Analysis

Recently, there were range moves above the $165 support in bitcoin cash price against the US Dollar. The BCH/USD pair jumped higher later and climbed above the $180 resistance. There was a break above the 23.6% Fib retracement level of the last drop from the $197 high to $164 low. However, there was no proper close above the $190 and $200 resistance levels. The price also failed to settle above $190 and the 100 hourly simple moving average.

Moreover, there are two key bearish trend lines formed with resistance near $175 on the hourly chart of the BCH/USD pair. The pair also struggled to settle above the 50% Fib retracement level of the last drop from the $197 high to $164 low. Finally, there was a downside reaction and the price tumbled below the $175 and $170 levels. At the outset, the price is trading near the $165 support, with a bearish angle. It seems like there could be a sharp downside reaction towards $150.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is clearly under pressure below $180 and the 100 hourly SMA. To recover, buyers need to gain strength above $175 and $180 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $165

Major Resistance Level – $180

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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