HomeAltcoin NewsBitcoin Cash Analysis: Indicators Suggest Fresh Increase To $250

Bitcoin Cash Analysis: Indicators Suggest Fresh Increase To $250

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  • Bitcoin cash is eyeing a fresh increase above the $235 resistance against the US Dollar.
  • The price is now trading above the $220 zone and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $222 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $235 and $242 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $220 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $235 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a downside correction after it failed to clear the $250 zone. BCH formed a high near $249.80 before there was a bearish move.

The price declined below the $242 and $235 levels. There was a break below the 50% Fib retracement level of the upward move from the $206.50 swing low to the $249.80 high. However, the bulls are protecting more losses below the $220 support zone.

Bitcoin cash is now trading above the $220 zone and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $235 level.

The next major resistance is near $242, above which the price may perhaps start a strong increase. The next major resistance is near the $250 level. Any more gains above $250 could set the pace for a move toward the $272 level.

If not, the price might continue to move down. Immediate support on the downside is near the $222 level. There is also a major bullish trend line forming with support near $222 on the 4-hour chart of the BCH/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $206.50 swing low to the $249.80 high.

The first major support sits near the $220 level. The next major support is near $216, below which the bears might aim for $208.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading above the $220 zone and the 55 simple moving average (4 hours). Overall, the price must clear $235 and $242 to start a fresh increase 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 – $222 and $220.

Key Resistance Levels – $235 and $242.

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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