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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Cash Price Weekly Analysis: BCH/USD Could Struggle Near $120

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin cash

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin cash price declined heavily and even broke the $100 support against the US Dollar.
  • There is a crucial bearish trend line formed with resistance at $120 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently correcting higher, but it is likely to struggle near the $120 resistance.

Bitcoin cash price fell sharply below $150 and $100 against the US Dollar. BCH/USD may correct higher in the short term towards $115 or $120 resistance.

Bitcoin Cash Price Analysis

This past week, there was a major downside move below the $150 support in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $140 and $120 support levels. The decline was such that the price even broke the $100 support and settled below the 100 simple moving average (4-hours). A new yearly low was formed at $92 and later the price started consolidating losses.

An initial resistance is near the $105 level. It is the 23.6% Fib retracement level of the recent decline from the $145 high to $92 low. Above $105, there is a strong resistance formed near the $115-120 zone. There is also a crucial bearish trend line formed with resistance at $120 on the 4-hours chart of the BCH/USD pair. The 50% Fib retracement level of the recent decline from the $145 high to $92 low is also around $120. Therefore, if the price continues to move higher, it is likely to face sellers near the $115 and $120 resistance levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is clearly in a major downtrend below $120 and $125. If there is a fresh decline below $100, the price may even break the $92 swing low in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just near the 30 level.

Major Support Level – $92

Major Resistance Level – $120

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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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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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