- 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.
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.