HomeAltcoin NewsBitcoin Cash Analysis: Bulls Aim Break above $400

Bitcoin Cash Analysis: Bulls Aim Break above $400

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  • Bitcoin cash price started a fresh decline from the $450 resistance against the US Dollar.
  • The price is now trading below the $400 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $380 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must gain pace above $400 for more gains in the near term.

Bitcoin cash price is showing positive signs above $380 against the US Dollar, similar to bitcoin. BCH/USD could gain bullish momentum above the $400 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major decline below the $400 support zone. BCH price even declined below the $380 support and the 55 simple moving average (4-hours).

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.

Bitcoin Cash Price
Bitcoin Cash Price

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.

Technical indicators

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.

Key Support Levels – $370 and $350.

Key Resistance Levels – $400 and $450.

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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