HomeAltcoin NewsBitcoin Cash Analysis: BCH Back In Uptrend, Could Breach $340

Bitcoin Cash Analysis: BCH Back In Uptrend, Could Breach $340

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  • Bitcoin cash price started a solid upward move above the $300 resistance against the US Dollar.
  • The price is currently trading below the $325 and $330 resistance levels.
  • There is a major bullish trend line forming with support near $308 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair could continue to rise as long as it is above the $300 support area.

Bitcoin cash price is gaining momentum above $310 against the US Dollar. If BCH/USD clears the $330 resistance it could even climb above the $340 resistance area.

Bitcoin Cash Price Analysis

After forming a base near the $285 level, bitcoin cash price started a nice upward move against the US Dollar. The BCH/USD pair climbed above the key $300 resistance level to move into a positive zone. Moreover, there was a close above the $300 level and the 55 simple moving average (4-hours). Finally, the price traded above the $310 and $320 levels. a new monthly high was formed near $333 and the price is currently correcting gains.

It declined sharply below the $310 level. However, the price found support near $305 and the 55 simple moving average (4-hours). A swing low was formed near $304 and the price recovered above $310. There was a break above the $315 level, plus the 50% Fib retracement level of the recent decline from the $333 high to $304 low. The price even traded above the $320 level.

At the moment, the price is struggling to stay above the 61.8% Fib retracement level of the recent decline from the $333 high to $304 low. As a result, there is a chance of a fresh dip towards the $312 and $310 support levels. Moreover, there is a major bullish trend line forming with support near $308 on the 4-hours chart of the BCH/USD pair.

If there is a downside correction, the price is likely to find bids near the $310 and $308 levels. Only a close below the $300 pivot level could start a fresh decrease. On the upside, an initial resistance is near the $325 level. However, the price must gain momentum above the $340 level to accelerate gains in the coming days.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly trading in an uptrend above the $310 support area. As long as there is no break below $300, the price is likely to continue higher towards $340 and $350.

Technical indicators

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

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

Key Support Levels – $310 and $300.

Key Resistance Levels – $325 and $340.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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