31.3 C
Dubai
Tuesday, May 28, 2024
HomeAltcoin NewsBitcoin Cash Analysis: Rally Gains Pace Above $300

Bitcoin Cash Analysis: Rally Gains Pace Above $300

Date:

Related stories

  • Bitcoin cash started a strong increase above the $225 and $250 levels against the US Dollar.
  • The price is now trading above the $280 zone and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $270.00 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $320 and $325 to continue higher in the near term.

Bitcoin cash price is climbing above $300 against the US Dollar, outperforming Bitcoin. BCH/USD could start a fresh surge if it clears the $325 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 $225 resistance zone.

The price climbed above the $250 and $280 resistance levels. It even spiked above $300 and traded as high as $326.42. It is now trading above the $280 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.

There is also a key bullish trend line forming with support near $270.00 on the 4-hour chart of the BCH/USD pair. On the upside, the price is facing resistance near the $320 level.

The next major resistance is near the $325 level, above which the price may perhaps rise toward the $350 level. Any more gains above $350 could set the pace for a move toward the $400 level.

Immediate support on the downside is near the $300 level or the 23.6% Fib retracement level of the upward move from the $220 swing low to the $326 high. The first major support sits near the $270 level and the trend line region.

The trend line is also near the 50% Fib retracement level of the upward move from the $220 swing low to the $326 high. The next support is near the $245 zone, below which the bears might aim for $225. The next target for them may perhaps be near the $200 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin cash price is now trading above the $280 zone and the 55 simple moving average (4 hours). Overall, the price must clear $225 and $250 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 – $300 and $272.

Key Resistance Levels – $320 and $325.

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.

Subscribe

Latest stories