- 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.
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.