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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cash Price Weekly Analysis – Can BCH/USD Hold $600?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:36 pm
2 mins read
Bitcoin Cash Technical analysis

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Key Points

  • Bitcoin cash price declined this past week and tested the $600 support zone against the US Dollar.
  • There is a monster bearish trend line forming with resistance at $680 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair may continue to correct a few points higher, but it could face sellers near $680-700 in the near term.

Bitcoin cash price remains in a bearish zone below $700 against the US Dollar. BCH/USD must stay above the $600 level to start a fresh recovery.

Bitcoin Cash Price Support

There were heavy losses in bitcoin cash price this past week from well above $700 against the US Dollar. The price declined and broke a few important supports such as $680 and $650. It traded close to the $600 support and formed a low at $599.5. Later, a minor upside move was initiated and the price moved above $620. There was also a break above the 23.6% Fib retracement level of the last decline from the $725 high to $599 low.

However, there are many barriers on the upside starting with the $670 level. There is also a monster bearish trend line forming with resistance at $680 on the 4-hours chart of the BCH/USD pair. An immediate resistance is near the 50% Fib retracement level of the last decline from the $725 high to $599 low at $660. A break and close above the $660 level would call for a test of the $680-700 resistance zone. A proper break above the $700 level could move the price in a bullish zone.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the $600 level holds a lot of importance. If the price fails to hold the $600 level, there could be more losses.

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 now just above the 50 level.

Major Support Level – $600

Major Resistance Level – $680

 

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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    8 years ago

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  1. Carol G. Clouse says:
    8 years ago

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