HomeAltcoin NewsBitcoin Cash Analysis: More Upsides Possible If it Clears $305

Bitcoin Cash Analysis: More Upsides Possible If it Clears $305

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  • Bitcoin cash price corrected lower, but it stayed above the $280 support against the US Dollar.
  • The price is currently recovering, and trading above the $295 level and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $288 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must break the $305 and $310 resistance levels for a fresh increase in the near term.

Bitcoin cash price is slowly moving higher towards $300 against the US Dollar. BCH/USD is likely to start a fresh increase once it gains pace above the $310 resistance.

Bitcoin Cash Price Analysis

Earlier this week, bitcoin cash price started a downside correction below the $320 level against the US Dollar. BCH price even traded below the $300 support and the 55 simple moving average (4-hours).

However, the price found support near the $280 zone. A low is formed near $281 and the price is currently rising. It broke the $285 and $295 resistance levels. There was a break above the 23.6% Fib retracement level of the downward correction from the $326 high to $281 low.

The price is currently testing the $300 resistance zone. The first major resistance is near the $305 level. The 50% Fib retracement level of the downward correction from the $326 high to $281 low is also near the $303 level to act as a resistance.

The main hurdle is near the $310 level, above which the price is likely to start a strong increase. In the mentioned case, the price could easily climb towards the $326 and $330 resistance levels.

Conversely, the price may perhaps decline from the $305 resistance. On the downside, the first key support is near the $288 level. There is also a key bullish trend line forming with support near $288 on the 4-hours chart of the BCH/USD pair.

If there is a downside break below the trend line support, the price could revisit the $280 support. Any further losses may perhaps call for a push towards the $270 support.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly recovering higher above $295. However, the price must break the $305 and $310 resistance levels for a fresh increase in the near term.

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 currently near the 50 level.

Key Support Levels – $288 and $280.

Key Resistance Levels – $305 and $310.

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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