HomeAltcoin NewsBitcoin Cash Analysis: Bullish Break Towards $260 Very Likely

Bitcoin Cash Analysis: Bullish Break Towards $260 Very Likely

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  • Bitcoin cash price is gaining bullish momentum above the $232 resistance against the US Dollar.
  • The price is likely to accelerate higher towards the $258 and $260 resistance levels.
  • There was a break above a crucial bearish trend line with resistance near $234 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could correct a few points, but dips remain well supported near $232 and $230.

Bitcoin cash price is trading in a nice uptrend above $230 against the US Dollar. BCH/USD is likely to continue higher towards the $260 level or $280 barrier in the near term.

Bitcoin Cash Price Analysis

Earlier this week, there was a downside correction in bitcoin cash price below the $230 support against the US Dollar. However, BCH price remained well bid near $218 and $220.

As a result, there was a fresh increase and the price recovered above the $225 and $230 levels. Besides, there was a close above the $230 pivot level and the 55 simple moving average (4-hours).

There was also a break above a crucial bearish trend line with resistance near $234 on the 4-hours chart of the BCH/USD pair. The pair spiked above the 76.4% Fib retracement level of the downward move from the $249 high to $215 low.

It seems like the $245 level is still acting as a resistance. A clear break above the $245 level could push the bitcoin cash price further higher. The next key resistance is near the $258 and $260 levels.

The 1.236 Fib extension level of the downward move from the $249 high to $215 low is also near the $258 level. Any further gains could open the doors for a larger rally towards the $280 level or the 1.618 Fib extension level of the same downward move at $270.

Conversely, there might be a short term downside correction from $245. On the downside, the previous hurdles near the $232 and $230 levels are likely to act as strong supports. Any further losses could lead the price towards the $218 support zone.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly showing many bullish signs above the $230 level. Though, the bulls need to gain momentum above $245 for a push towards the $258 and $260 levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.

Key Support Levels – $230 and $218.

Key Resistance Levels – $245 and $260.

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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