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Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This? 2018-03-19
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Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This? 2018-03-19

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

  • Bitcoin cash price is currently recovering and is currently above the $900 level against the US Dollar.
  • There is a crucial bearish trend line forming with resistance near $955 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to break the trend line and resistance near $950-955 to trade further higher.

Bitcoin cash price is showing a few positive signs above $900 against the US Dollar. BCH/USD buyers must gain strength above $955 to push the pair further higher.

Bitcoin Cash Price Trend

There was a decent price action in bitcoin cash price from the $844 swing low against the US Dollar. The price started an upside move and it was successful in moving above the $900 level. There was also a break above the 50% Fib retracement level of the last decline from the $1,026 high to $844 low. However, there are many barriers on the upside for buyers around $950-960.

The current upside move was prevented by a crucial bearish trend line with current resistance near $955 on the hourly chart of the BCH/USD pair. Moreover, the 61.8% Fib retracement level of the last decline from the $1,026 high to $844 low. Furthermore, there was no close above $950 and the 100 hourly simple moving average. At the moment, the price is moving down and it could retest the $900 support. Below the mentioned $900 support, the next major supports are near $870 and $850.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, buyers must succeed in pushing the price above the $950 and $955 resistance levels. Above $955, the price could make an attempt or run towards the next major hurdle at $1,000.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving 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 – $900

Major Resistance Level – $955

 

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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