- Bitcoin cash price started a fresh increase above the $300 level against the US Dollar.
- The price is now trading above the $320 zone and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $340 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could test the $320 support before it might start a fresh increase in the near term.
Bitcoin cash price is gaining pace above $320 against the US Dollar, similar to bitcoin. BCH/USD must stay above $320 to continue higher in the near term.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major increase from the $270 support zone. BCH price broke the $290 and $300 resistance levels to move into a positive zone.
The price even surged above the $320 level and the 55 simple moving average (4-hours). Finally, there was a spike above the $350 level. A high is formed near $362 and the price is now correcting gains. There was a break below the $350 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $271 swing low to $362 high. Besides, there was a break below a key bullish trend line with support near $340 on the 4-hours chart of the BCH/USD pair.
The pair is still trading above the $320 zone and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $350 level. The next major resistance is near the $360 level.
A clear break above $360 and $362 might start a fresh increase. In the stated case, the price could rise towards the $390 level. If there is no upside break, the price could decline below $330.
The next major support is near the $320 level or the 50% Fib retracement level of the upward move from the $271 swing low to $362 high, below which the bears gain strength. The next target for them may perhaps be near the $300 level.
Looking at the chart, bitcoin cash price is now trading below the $285 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is no upside break above $300.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Key Support Levels – $270 and $260.
Key Resistance Levels – $290 and $300.
