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Bitcoin Cash Analysis: Bulls Aim Massive Breakout Above $300

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  • Bitcoin cash price started a fresh increase above the $255 and $280 resistance levels against the US Dollar.
  • The price even tagged the $300 resistance area and it is currently consolidating gains.
  • There is a key bullish trend line forming with support near $285 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to surge again if it clears the $300 resistance in the near term.

Bitcoin cash price is trading in a strong uptrend above $280 against the US Dollar. BCH/USD is likely to continue higher above $300 and $305 in the coming sessions.

Bitcoin Cash Price Analysis

Earlier this week, bitcoin cash price surged above the $270 and $280 resistance levels against the US Dollar. BCH price even settled above the $280 level and the 55 simple moving average (4-hours).

Finally, it gained bullish momentum above $290 and tested the $300 resistance zone. A new monthly high is formed near $300 and the price is currently consolidating gains. It corrected below the $295 and $290 levels.

Besides, there was a break below the 23.6% Fib retracement level of the recent upward move from the $244 swing low to $300 high. However, the price is trading nicely above the $280 support zone (resistance turned support).

There is also a key bullish trend line forming with support near $285 on the 4-hours chart of the BCH/USD pair. Below the trend line, the next major support is near the $272 level. It represents the 50% Fib retracement level of the recent upward move from the $244 swing low to $300 high.

Any further losses may perhaps lead the price towards the $260 support level or the 55 simple moving average (4-hours). On the upside, the $295 and $300 levels are immediate hurdles for the bulls.

A successful break above the $300 barrier might open the doors for a fresh increase. In the mentioned case, the price could easily drift towards the $320 and $325 resistance levels.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly trading in a nice uptrend above the $280 and $272 support levels. Therefore, the price is likely to surge again if it clears the $300 resistance in the near term.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 60 level.

Key Support Levels – $280 and $272.

Key Resistance Levels – $300 and $320.

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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