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Bitcoin Cash Price Technical Analysis – BCH/USD Remains Supported 2018-04-04

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:21 pm
2 mins read
Bitcoin Cash Technical analysis

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin cash price traded above the $700 level before facing minor offers near $725 against the US Dollar.
  • There is a connecting bullish trend line forming with support near $685 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains supported on the downside around the $680 level and the 100 hourly simple moving average.

Bitcoin cash price is currently trading in a positive zone against the US Dollar. BCH/USD remains supported on the downside near the broken resistance at $680.

Bitcoin Cash Price Support

There were further recoveries above the $675 level in bitcoin cash price against the US Dollar. The price moved higher and managed to break a major resistance at $680. Later, it succeeded in moving past the $700 level as well. It is now placed nicely above the $680 level and the 100 hourly simple moving average. However, the upside move was protected by the $723-725 zone.

A high was formed at $723 before the price started a minor downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $623 low to $723 high. On the downside, there is a decent support above the $680 level and the 100 hourly SMA. There is also a connecting bullish trend line forming with support near $685 on the hourly chart of the BCH/USD pair. The same trend line support is close to the 38.2% Fib retracement level of the last wave from the $623 low to $723 high.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, if the price moves down further, it may find support near the $680 level. On the upside, the price has to break the $725 resistance to gain traction towards $750.

Looking at the technical indicators:

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

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

Major Support Level – $680

Major Resistance Level – $725

 

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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