Bitcoin Cash Analysis: Rally Gains Pace Above $300

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

  • Bitcoin cash started a strong increase above the $225 and $250 levels against the US Dollar.
  • The price is now trading above the $280 zone and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $270.00 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $320 and $325 to continue higher in the near term.

Bitcoin cash price is climbing above $300 against the US Dollar, outperforming Bitcoin. BCH/USD could start a fresh surge if it clears the $325 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $180 level. BCH started a decent increase and was able to clear the $225 resistance zone.

The price climbed above the $250 and $280 resistance levels. It even spiked above $300 and traded as high as $326.42. It is now trading above the $280 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.

There is also a key bullish trend line forming with support near $270.00 on the 4-hour chart of the BCH/USD pair. On the upside, the price is facing resistance near the $320 level.

The next major resistance is near the $325 level, above which the price may perhaps rise toward the $350 level. Any more gains above $350 could set the pace for a move toward the $400 level.

Immediate support on the downside is near the $300 level or the 23.6% Fib retracement level of the upward move from the $220 swing low to the $326 high. The first major support sits near the $270 level and the trend line region.

The trend line is also near the 50% Fib retracement level of the upward move from the $220 swing low to the $326 high. The next support is near the $245 zone, below which the bears might aim for $225. The next target for them may perhaps be near the $200 level.

Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading above the $280 zone and the 55 simple moving average (4 hours). Overall, the price must clear $225 and $250 to continue higher in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $300 and $272.

Key Resistance Levels – $320 and $325.

Source: Read Full Article