HomeAltcoin NewsBitcoin Cash Analysis: Geared Up For More Upsides Above $400

Bitcoin Cash Analysis: Geared Up For More Upsides Above $400

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  • Bitcoin cash price is showing a lot of positive signs above the $360 and $350 supports against the US Dollar.
  • The price is currently trading just below the key $400 and $405 resistance levels.
  • There is a rising channel forming with support near $378 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could start another surge once it clears the $400 resistance area.

Bitcoin cash price is trading in a bullish zone above $360 against the US Dollar. BCH/USD is likely to continue higher above $400 unless it declines below the $360 support.

Bitcoin Cash Price Analysis

This week, bitcoin cash price followed a bullish path above the $350 pivot level against the US Dollar. Moreover, BCH price settled above the $360 resistance and the 55 simple moving average (4-hours).

The bulls were able to gain strength above the $380 level. Finally, the price traded close to the $400 resistance area. A swing high was formed near $396 and the price is currently consolidating gains.

An initial support on the downside is near the $378 level. Besides, the 23.6% Fib retracement level of the upward move from the $306 low to $396 high. More importantly, there is a rising channel forming with support near $378 on the 4-hours chart of the BCH/USD pair.

Below the channel support, there is a risk of more downsides below the $375 level. The next major support is near the $360 and $350 levels. They coincide with the 50% Fib retracement level of the upward move from the $306 low to $396 high.

Besides, the 55 simple moving average (4-hours) is also positioned near the $350 level to act as a major support. Any further losses below the $350 support area could start a major decline in the coming sessions.

The next key support is seen near the $305 level. On the upside, there are many hurdles forming near the $395 and $400 levels. A successful close above the $400 level might call for more gains. The next target for the bulls may perhaps be near the $422 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly trading in a positive zone above the $375 and $360 levels. As long as there is no close below the $350 level, there are chances of sharp gains above $400.

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 well above the 50 level.

Key Support Levels – $375 and $350.

Key Resistance Levels – $400 and $422.

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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