- Bitcoin cash price is holding ground above the main $270 breakdown support against the US Dollar.
- The price is currently testing the $292 resistance zone and the 55 simple moving average (4-hours).
- There was a break above a connecting bearish trend line with resistance near $290 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to start a fresh increase if it clears $300 and $310 in the near term.
Bitcoin cash price is slowly rising towards the $300 barrier against the US Dollar. BCH/USD is likely to continue higher above $300 as long as it is above $280 in the coming sessions.
Bitcoin Cash Price Analysis
Earlier this week, bitcoin cash price extended its decline below the $285 support against the US Dollar. BCH price even traded below the $280 support and the 55 simple moving average (4-hours).
However, the price remained stable above the main $270 support zone. A swing low is formed near $270 and the price is currently rising. It broke the $280 and $285 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $326 high to $270 swing low.
There was also a break above a connecting bearish trend line with resistance near $290 on the 4-hours chart of the BCH/USD pair. The pair is currently testing the $292 resistance zone and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the downward move from the $326 high to $270 swing low is also acting as a resistance. The next major resistance on the upside is near the $300 and $305 levels. There is also another bearish trend line with resistance near $305 on the same chart.
A successful break above the $300 hurdle and the trend line barrier might open the doors for a fresh increase. In the mentioned case, the price could easily climb towards the $325 and $330 resistance levels.
Looking at the chart, bitcoin cash price is clearly recovering higher above $290. Therefore, the price is likely to start a fresh increase if it clears $300 and $310 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 currently close to the 50 level.
Key Support Levels – $280 and $270.
Key Resistance Levels – $300 and $305.
