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Bitcoin Cash Analysis: Rally Gains Pace Above $210

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  • Bitcoin cash started a strong increase above the $200 and $210 levels against the US Dollar.
  • The price is now trading above the $210 zone and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $190 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $225 and $232 to continue higher in the near term.

Bitcoin cash price is climbing above $210 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $225 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a decent support base above the $180 level. BCH started a decent increase and was able to clear the $200 resistance zone.

The price climbed above the $205 and $210 resistance levels. There was a break above a key bearish trend line with resistance near $190 on the 4-hour chart of the BCH/USD pair. It even spiked above $220 and traded as high as $225.80.

It is now trading above the $210 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.

On the upside, the price is facing resistance near the $225 level. The next major resistance is near the $232 level, above which the price may perhaps rise toward the $250 level. Any more gains above $350 could set the pace for a move toward the $280 level.

Immediate support on the downside is near the $215 level or the 23.6% Fib retracement level of the upward move from the $180 swing low to the $225 high. The first major support sits near the $204 level.

It is close to the 50% Fib retracement level of the upward move from the $180 swing low to the $225 high. The next support is near the $200 zone, below which the bears might aim for $192. The next target for them may perhaps be near the $180 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading above the $210 zone and the 55 simple moving average (4 hours). Overall, the price must clear $225 and $232 to continue higher 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 – $204 and $200.

Key Resistance Levels – $225 and $232.

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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