32 C
Dubai
Friday, May 24, 2024
HomeAltcoin NewsBitcoin Cash Analysis: Bulls Aim For Fresh Rally To $350

Bitcoin Cash Analysis: Bulls Aim For Fresh Rally To $350

Date:

Related stories

  • Bitcoin cash is eyeing a fresh increase above the $300 resistance against the US Dollar.
  • The price is now trading near the $275 zone and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $285 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $285 and $300 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $265 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $285 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a downside correction after it failed to clear the $330 zone. BCH formed a high near $329 before there was a bearish move.

The price declined below the $310 and $300 levels. There was a break below the 50% Fib retracement level of the upward move from the $186 swing low to the $329 high. However, the bulls are protecting more losses below the $250 support zone.

Bitcoin cash is now trading near the $275 zone and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $285 level. There is also a major bearish trend line forming with resistance near $285 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near $300, above which the price may perhaps start a strong increase. The next major resistance is near the $330 level. Any more gains above $330 could set the pace for a move toward the $350 level.

If not, the price might continue to move down. Immediate support on the downside is near the $255 level. The first major support sits near the $240 level or the 61.8% Fib retracement level of the upward move from the $186 swing low to the $329 high. The next major support is near $220, below which the bears might aim for $200.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading near the $275 zone and the 55 simple moving average (4 hours). Overall, the price must clear $285 and $300 to start a fresh increase in the near term.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is just below the 50 level.

Key Support Levels – $255 and $240.

Key Resistance Levels – $285 and $300.

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.

Subscribe

Latest stories