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Breaking News: Bitcoin Tops $73,000, Expert Explains Why The Rally Isn’t Over Yet
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Breaking News: Bitcoin Tops $73,000, Expert Explains Why The Rally Isn’t Over Yet

Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline Below $160

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
Bitcoin Cash Price techanalysis

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Key Points

  • Bitcoin cash price is currently consolidating and it could decline below $160 against the US Dollar.
  • There is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is struggling to break the $190-200 resistance area and it could decline sharply.

Bitcoin cash price is in a downtrend below $200 against the US Dollar. BCH/USD could gain strength once sellers gain pace below $160.

Bitcoin Cash Price Analysis

This past week, there was a solid upside correction from the $150 support area in bitcoin cash price against the US Dollar. The BCH/USD pair formed a low at $146 and climbed above the $160, $180 and $190 resistance levels. There was even a break above the $200 barrier, but buyers failed to hold gains. As a result, there was a fresh decline below $190 and the price remained well below the 100 simple moving average (4-hours).

During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $146 low to $206 high. The price is currently consolidating above the $160 support and it remains at a risk of more losses. A break below the 76.4% Fib retracement level of the last wave from the $146 low to $206 high is possible. Once there is a close below $160, the price may slide below the $150 support as well. On the upside, there is a major bearish trend line formed with resistance at $190 on the 4-hours chart of the BCH/USD pair.

Bitcoin Cash Price Weekly Analysis BCH Chart

Looking at the chart, BCH price may break the $190 and $200 resistance levels to climb higher. If not, there is a risk of a downside break below $160.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Level – $160

Major Resistance Level – $190

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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