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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Resistance

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
Bitcoin Cash Technical analysis

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Key Points

  • Bitcoin cash price found support near the $1,460 level and recovered nicely against the US Dollar.
  • This week’s major bearish trend line with resistance at $1,580 was broken on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair also moved above the $1,600 resistance level, which is a positive sign in the near term.

Bitcoin cash price is back in a positive zone above $1,600 against the US Dollar. BCH/USD must settle above $1,675 and the 100 hourly simple moving average to gain momentum.

Bitcoin Cash Price Support

After further declines, bitcoin cash price was able to find support near the $1,460 level against the US Dollar. The price traded as low as $1,463 and later started an upside move. It traded higher and broke the 23.6% Fib retracement level of the last decline from the $1,702 high to $1,463 low. It opened the doors for more gains and the price traded above a few important hurdles such as $1,550 and $1,600.

More importantly, this week’s major bearish trend line with resistance at $1,580 was broken on the hourly chart of the BCH/USD pair. The pair also moved above the 50% Fib retracement level of the last decline from the $1,702 high to $1,463 low. These all are positive signs since the price is now well above the $1,600 level. At the moment, buyers are struggling to place the price above $1,650 and the 100 hourly simple moving average. Moreover, the $1,675 level is also a crucial resistance.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, it seems like a proper close above the $1,650 and $1,675 resistance levels may push the price further higher. On the downside, the broken resistances at $1,600 and $1,565 may now act as supports.

Looking at the technical indicators:

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

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

Major Support Level – $1,565

Major Resistance Level – $1,675

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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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