HomeAltcoin NewsBitcoin Cash Analysis: Bulls Aim Fresh Rally To $255

Bitcoin Cash Analysis: Bulls Aim Fresh Rally To $255

-

  • Bitcoin cash is eyeing a fresh increase above the $242 resistance against the US Dollar.
  • The price is now trading below the $245 zone and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $238 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $238 and $242 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $230 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $242 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a downside correction after it failed to clear the $262 zone. BCH formed a high near $262.96 before there was a bearish move.

The price declined below the $255 and $230 levels. However, the bulls are protecting more losses below the $210 support zone. A low was formed near $212.3 and the price is now attempting a fresh increase. There was a move above the $225 level.

The price climbed above the 23.6% Fib retracement level of the downward move from the $262.96 swing high to the $212.31 low. Bitcoin cash is now trading below the $240 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $238 level. There is also a key contracting triangle forming with resistance near $238 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near $242 or the 61.8% Fib retracement level of the downward move from the $262.96 swing high to the $212.31 low, above which the price may perhaps start a strong increase. The next major resistance is near the $256 level. Any more gains above $256 could set the pace for a move toward the $265 level or even $275.

If not, the price might start another decline. Immediate support on the downside is near the $232 level. The first major support sits near the $220 level. The next major support is near $210, below which the bears might aim for $202.

Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading below the $240 zone and the 55 simple moving average (4 hours). Overall, the price must clear $238 and $242 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 below the 50 level.

Key Support Levels – $232 and $220.

Key Resistance Levels – $238 and $242.

FOLLOW US

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.

Upcoming Events

Most Popular