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BTC Cash Price Technical Analysis – BCH/USD Struggling Below $1,220

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price remains in a bearish zone below the $1,200-20 resistance area against the US Dollar.
  • There is a major bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair must stay above the $1,100 support area to avoid further declines in the near term.

Bitcoin cash price is struggling to move above the $1,220 resistance against the US Dollar. BCH/USD may even break the $1,100 support for further declines.

Bitcoin Cash Price Decline

This past week, we saw a fresh downside move below $1,250 in bitcoin cash price against the US Dollar. The price even traded and settled below the $1,200 support. It recently formed a low at $1,118 and is currently trading in a tiny range. It has moved above the 23.6% Fib retracement level of the last decline from the $1,286 high to $1,118 low. However, there are many resistances on the upside towards the $1,250 level.

An initial resistance is around the $1,200 level and the 100 hourly simple moving average. The stated $1,200 level is also the 50% Fib retracement level of the last decline from the $1,286 high to $1,118 low. Above the stated $1,200, there is a major bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD. The trend line resistance is near the 61.8% Fib retracement level of the last decline from the $1,286 high to $1,118 low.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, it seems like the $1,200-1,220 resistance region is a crucial barrier for buyers. As long as the price is below $1,220, it remains at a risk of more declines in the near term. Below $1,100, the price may decline towards $1,050.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly reducing its bearish slope.

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

Major Support Level – $1,220

Major Resistance Level – $1,100

 

Charts courtesy – SimpleFX

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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