- 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.
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.
