HomeAltcoin NewsBitcoin Cash Analysis: Indicators Suggest Fresh Rally To $275

Bitcoin Cash Analysis: Indicators Suggest Fresh Rally To $275

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  • Bitcoin cash is eyeing a fresh increase above the $252 resistance against the US Dollar.
  • The price is now trading above the $240 zone and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $250 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $250 and $252 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $240 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $252 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a downside correction after it failed to clear the $265 zone. BCH formed a high near $264.950 before there was a bearish move.

The price declined below the $255 and $252 levels. There was a break below the 50% Fib retracement level of the upward move from the $220.12 swing low to the $264.95 high. However, the bulls are protecting more losses below the $240 support zone.

Bitcoin cash is now trading above the $240 zone and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $250 level.

There is also a key contracting triangle forming with resistance near $250 on the 4-hour chart of the BCH/USD pair. The next major resistance is near $252, above which the price may perhaps start a strong increase. The next major resistance is near the $256 level. Any more gains above $256 could set the pace for a move toward the $265 level or even $275.

If not, the price might start another decline. Immediate support on the downside is near the $242 level. The first major support sits near the $238 level or the 61.8% Fib retracement level of the upward move from the $220.12 swing low to the $264.95 high. The next major support is near $230, below which the bears might aim for $216.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading above the $240 zone and the 55 simple moving average (4 hours). Overall, the price must clear $250 and $252 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 – $242 and $238.

Key Resistance Levels – $250 and $252.

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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