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Bitcoin Cash Price Technical Analysis – Can BCH/USD Break $660?

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 is slowly recovering and is currently trading above $640 against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $642 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $660 resistance to retest the $680 resistance in the near term.

Bitcoin cash price is back in a positive zone above $640 against the US Dollar. BCH/USD is now above 100 hourly SMA and looks set to break the $660 resistance.

Bitcoin Cash Price Resistance

Yesterday, there was a sharp downside correction below $640 in bitcoin cash price against the US Dollar. The price traded as low as $625 where buyers appeared. There were two attempts to break $625, but the price succeeded in overcoming selling pressure. As a result, there was an upside move and the price moved above the $640 resistance and the 100 hourly simple moving average.

Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $682 high to $625 low. At the moment, the price is placed nicely above the $640 support, but it is facing a major hurdle near $660. The mentioned $660 resistance is the 61.8% Fib retracement level of the last decline from the $682 high to $625 low. A break above the $660 resistance would open the doors for more gains in the near term. The next hurdle for buyers is near the $680 level.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, an initial support is near $645 and the 100 hourly SMA. There is also a new connecting bullish trend line forming with support at $642 on the hourly chart of the BCH/USD pair.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level.

Major Support Level – $640

Major Resistance Level – $660

 

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.

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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Comments 1

  1. George Layfield says:
    7 years ago

    I gave up on BCH, I think the whales got weak and can’t push this anymore, I love how ETH/USD is having more gains than BCH/USD which had a couple of good news recently unlike the ETH ASIC mining threat.

    Reply

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Comments 1

  1. George Layfield says:
    7 years ago

    I gave up on BCH, I think the whales got weak and can’t push this anymore, I love how ETH/USD is having more gains than BCH/USD which had a couple of good news recently unlike the ETH ASIC mining threat.

    Reply

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