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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Cash Price Technical Analysis – Can BCH/USD Break 100 SMA?

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 started a recovery and traded above the $1,300 level against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $1,365 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must break the $1,365-80 resistance and the 100 hourly simple moving average to gain momentum.

Bitcoin cash price is slowly correcting higher against the US Dollar. BCH/USD has to clear the $1,380 hurdle and 100 SMA to move back in a positive zone.

Bitcoin Cash Price Upside Hurdle

After trading as low as $1,240, bitcoin cash price started an upside correction against the US Dollar. The price recovered and moved above the $1,280 and $1,300 resistance level. It also succeeded in breaking the 38.2% Fib retracement level of the last decline from the $1,481 high to $1,240 low. However, the price is now facing a major upside hurdle near the $1,265 and $1,280 levels.

At the moment, the 50% Fib retracement level of the last decline from the $1,481 high to $1,240 low is acting as a resistance. There is also a key connecting bearish trend line forming with resistance at $1,365 on the hourly chart of the BCH/USD pair. The same trend line resistance at $1,365 is near the 100 hourly simple moving average. Therefore, a break above $1,365 and the 100 hourly SMA won’t be easy. Moreover, the price has to surpass the $1,380 level to gain upside momentum in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, it’s quite clear that the $1,265 level is a crucial hurdle. On the downside, an initial support is at $1,320. Below the $1,320 support, the price could break the $1,300 support and decline further.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

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

Major Support Level – $1,320

Major Resistance Level – $1,365

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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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Created by industry experts and meticulously reviewed
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