• Bitcoin cash price is slowly rising after testing the $300 support area against the US Dollar.
  • The price is facing a crucial resistance near the $338 and $340 resistance levels.
  • There is a major bullish trend line forming with support near $313 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains in a strong uptrend and it might continue to rise above $340 in the coming sessions.

Bitcoin cash price is trading with a positive bias above $310 against the US Dollar. BCH price is likely to break the $338 and $340 resistance levels in the near term.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price declined a few points below the $300 support against the US Dollar. The BCH/USD pair traded as low as $289 and it is currently correcting higher. It seems like the price was rejected below the $300 level and it is back above the $310 and $315 levels. Moreover, the price gained bullish momentum above the $320 level and recently tested the key $338 and $340 resistance levels.

It is currently consolidating gains below the $340 barrier. Recently, there was a dip below the $325 level plus the 23.6% Fib retracement level of the last wave from the $289 low to $337 high. However, the price is currently well supported above the $310 level and the 55 simple moving average (4-hours). Moreover, there is a major bullish trend line forming with support near $313 on the 4-hours chart of the BCH/USD pair.

The 50% Fib retracement level of the last wave from the $289 low to $337 high is also near the $313 level to act as a strong support is near term. If there is a downside break below the trend line and the $310 support, the price could revisit the $300 support. Any further losses below the $300 level might start a major decline below the $290 level.

Conversely, if the price continues to rise, there could be a break above the $338 and $340. In the mentioned case, the price could rally towards the $350 and $360 resistance levels in the near term.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly preparing for more gains if the bulls break the $338 and $340 resistance levels. If they continue to struggle, there are chances of a downside spike below the $310 and $300 support levels.

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 currently well above 50, with a bullish angle.

Key Support Levels – $310 and $300.

Key Resistance Levels – $340 and $350.

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