- 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.
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.