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Bitcoin Cash Analysis: Fresh Rally Possible To $330

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  • Bitcoin cash is eyeing a fresh rally above the $300 resistance against the US Dollar.
  • The price is now trading above the $260 zone and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $289 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $290 and $300 to continue higher in the near term.

Bitcoin cash price is consolidating gains above $260 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $300 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $220 level. BCH started a decent increase and was able to clear the $280 resistance zone.

The price climbed above the $300 and $320 resistance levels. However, the bears appeared near the $328 level. There was a downside correction below the $300 level. The price declined below the 23.6% Fib retracement level of the upward move from the $185 swing low to the $328 high.

However, the bulls are active above the $240 level. It is stable above the 61.8% Fib retracement level of the upward move from the $185 swing low to the $328 high.

Bitcoin cash is now trading above the $260 zone and the 55 simple moving average (4 hours). It is attempting a fresh rally above the $300 resistance. On the upside, the price is facing resistance near the $290 level. There is also a key bearish trend line forming with resistance near $289 on the 4-hour chart of the BCH/USD pair.

The next major resistance is near the $300, above which the price may perhaps rise toward the $330 level. Any more gains above $330 could set the pace for a move toward the $350 level.

If not, the price might decline again. Immediate support on the downside is near the $260 level. The first major support sits near the $240 level. The next major support is near $220, below which the bears might aim for $200. The next target for them may perhaps be near the $185 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading above the $260 zone and the 55 simple moving average (4 hours). Overall, the price must clear $290 and $300 to continue higher in the near term.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $260 and $240.

Key Resistance Levels – $290 and $300.

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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