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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 Technical Analysis – BCH/USD Broke Key Support

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:37 pm
2 mins read
technical analysis bitcoin cash

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Key Points

  • Bitcoin cash price extended its downside move and traded below the $1,350 support against the US Dollar.
  • Yesterday’s highlighted crucial bullish trend line with support near $1,355 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now consolidating losses above the $1,240 level and it remains at a risk of more declines.

Bitcoin cash price moved down further below $1,300 against the US Dollar. BCH/USD broke a key support and it may now extend its decline in the near term.

Bitcoin Cash Price Resistance

There was a fresh downside move started from the $1,574 high in bitcoin cash price against the US Dollar. The price declined and broke many supports yesterday near $1,400 and $1,360. More importantly, there was a break below the $1,350 pivot level, which ignited further gains. BCH sellers even succeeded in pushing the price below $1,300 and the 100 hourly simple moving average.

The trend change move was a break below yesterday’s highlighted crucial bullish trend line with support near $1,355 on the hourly chart of the BCH/USD pair. The pair traded as low as $1,232 and is currently consolidating losses. On the upside, an initial resistance is near $1,320 and the 100 hourly simple moving average. The next resistance is near the 38.2% Fib retracement level of the last drop from the $1,574 high to $1,232 low at $1,360. The stated $1,360 level was a support earlier and now it may prevent upsides.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, it seems like the price may consolidate around $1,300 for some time. There is a chance of a downside spike towards $1,200 before the price makes an upside move. On the upside, a break above $1,360-1,400 is needed for a test of $1,500.

Looking at the technical indicators:

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

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

Major Support Level – $1,200

Major Resistance Level – $1,360

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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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