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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Down 2018-03-27

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price failed to hold the $950 support level and declined below $900 against the US Dollar.
  • There are two key bearish trend lines forming with resistances at $940 and $960 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is under a lot of pressure and it is likely to break the $880 support as well.

Bitcoin cash price is trading lower towards $850 against the US Dollar. BCH/USD is now well below the $950 level and it remains at a risk of more losses.

Bitcoin Cash Price Decline

There was an increase in selling pressure as bitcoin cash price failed to hold the $950 support against the US Dollar. The mentioned $950 support was significant and a break below the same has the path for more losses. The price even broke the $920 and $900 levels to trade as low as $881 recently. Later, there was a minor upside correction and the price moved above the 23.6% Fib retracement level of the last drop from the $990 high to $881 low.

However, the upside move was capped by the $920 level. Moreover, the 38.2% Fib retracement level of the last drop from the $990 high to $881 low also prevented gains. BCH is once again declining and is currently flirting with the $900 level. To the topside, there are two key bearish trend lines forming with resistances at $940 and $960 on the hourly chart of the BCH/USD pair. The first trend line is also close to the 50% Fib retracement level of the last drop from the $990 high to $881 low.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, if the price corrects higher, it will most likely face sellers near $940-950. On the downside, the price may even break the $880 low for a test of $850.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 30 level.

Major Support Level – $880

Major Resistance Level – $940

 

Charts courtesy – Trading View

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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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