A low was formed near $348, and the price started a fresh increase. There was a break above the $375 and $380 levels. The pair cleared the 23.6% Fib retracement level of the downward move from the $452 swing high to $348 low.
Besides, there was a break above a major bearish trend line with resistance near $380 the 4-hours chart of the BCH/USD pair. The pair is now trading near $385 level and the 55 simple moving average (4-hours).
An immediate hurdle on the upside is near the $390 level. The next major resistance is near the $400 level. It is near the 50% Fib retracement level of the downward move from the $452 swing high to $348 low. A clear break above $390 and $400 might spark a fresh rally.
In the stated case, the price could rise towards the $450 level. An initial support is near the $375 level. The first major support is near the $370 level. A downside break below the $375 and $370 support levels might start a major decline.
The next major support is near the $350 level, below which the bears might aim a test of $320. Any more downsides might lead the price towards the $300 level.
Looking at the chart, bitcoin cash price is now trading below the $400 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $400 for a fresh increase in the near term.
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.
Live Bitcoin News is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at Live Bitcoin News, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.