- Bitcoin cash price started a fresh increase above the $280 resistance against the US Dollar.
- The price surged towards the $330 resistance and settled well above the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $302 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could continue to rise as long as it is above the $300 support zone in the near term.
Bitcoin cash price started a strong increase above $300 against the US Dollar, similar to bitcoin. BCH/USD is likely to accelerate its rise once it clears the $330 resistance.
Bitcoin Cash Price Analysis
After forming a support base near the $255 level, bitcoin cash price started a fresh increase. BCH price broke many hurdles near $275 and $280 to move into a positive zone.
The upward move gained pace above the $300 level and the 55 simple moving average (4-hours). There was a break above a couple if important bearish trend lines at $280 on the 4-hours chart of the BCH/USD pair.
The pair rallied further above $300 and it spiked above $320. However, the bears were able to protect the $330 resistance. A high is formed near $331 and the price is currently consolidating gains. It corrected below the $320 and $315 levels.
There was a break below the 23.6% Fib retracement level of the recent wave from the $256 low to $331 high. However, the price is now holding the $305 and $300 support levels.
There is also a key bullish trend line forming with support near $302 on the same chart. The next major support is near the $295 level. It is close to the 50% Fib retracement level of the recent wave from the $256 low to $331 high.
On the upside, the price is facing a major hurdle near the $330 level. A clear break above the $330 resistance zone could open the doors for a larger increase in the coming sessions. The next major resistance is near the $350 level.
Looking at the chart, bitcoin cash price is clearly holding gains above $300 and the 55 SMA (H4). Overall, the price could continue to rise as long as it is above the $300 support zone in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Key Support Levels – $305 and $300.
Key Resistance Levels – $330 and $350.
