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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Cash Technical Analysis – BCH/USD Failed Upside Attempt

Aayush Jindal
Aayush Jindal
7 years 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 corrected higher but it faced sellers near the $2130 level against the US Dollar.
  • There was a break below a key bullish trend line with support at $1950 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may correct further in the near term as long as it is below $2100 and the 100 hourly simple moving average.

Bitcoin cash price failed to settle above $2100 against the US Dollar. BCH/USD is again correcting lower and is trading below the $2000 level.

Bitcoin Cash Price Resistance

Recently, we saw a decent recovery above $1800 in bitcoin cash price against the US Dollar. The price traded above the $2000 level, but it failed to settle above the $2100 level. It made a top at $2130 and started a downside correction. During the downside, there was a break below the 23.6% Fib retracement level of the last wave from the $1349 low to $2131 high.

More importantly, there was a break below a key bullish trend line with support at $1950 on the hourly chart of BCH/USD. The pair moved down and even broke the $1800 support and the 100 hourly simple moving average. It has opened the doors for more losses below $1800. At the moment, the 50% Fib retracement level of the last wave from the $1349 low to $2131 high is acting as a support. Should there be a break below the $1700 support, there could be more declines toward the $1500 level.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the broken support at $2000 and the 100 hourly SMA are likely to act as a resistance. Above $2000, the last high at $2131 may be tested in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is not showing any major bearish sign.

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

Major Support Level – $1700

Major Resistance Level – $2000

 

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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Reason to trust

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