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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 Correcting Lower

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:24 pm
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price is correcting lower from the swing high of $3307 against the US Dollar.
  • There is a key bearish trend line forming with resistance at $2800 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is struggling to move above the $2800 level and it may correct a bit on the downside.

Bitcoin cash price is correcting lower from $3307 against the US Dollar. BCH/USD might correct further towards the $2600 level in the near term.

Bitcoin Cash Price Correction

After a major upside move, bitcoin cash price traded toward the $3000 level against the US Dollar. However, the price failed to gain momentum above the $3000 level and formed a high at $3307. Later, a downside correction wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $1760 low to $3307 high. It seems like the current wave is a part of correction, but the price has to stay above $2500.

It has already tested the 50% Fib retracement level of the last wave from the $1760 low to $3307 high. The price is currently recoverin, but it is struggling to gain momentum above $2800 and the 100 hourly simple moving average. Moreover, there is also a key bearish trend line forming with resistance at $2800 on the hourly chart of BCH/USD. The trend line resistance at $2800 is acting as a major barrier for buyers. A close above the $2800 level is needed for buyers to gain traction.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the 100 hourly SMA is a short-term support around $2700. The pair remains supported above the $2500 level. A break below $2500 would negate the current bullish bias.

Looking at the technical indicators:

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

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

Major Support Level – $2500

Major Resistance Level – $2800

 

Charts courtesy – Trading View, Kraken

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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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The highest standards in reporting and publishing
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