HomeAltcoin NewsBitcoin Cash Analysis: Signs of Bullish Break above $270

Bitcoin Cash Analysis: Signs of Bullish Break above $270

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  • Bitcoin cash price is following a bullish path above the $250 level against the US Dollar.
  • The price is facing a major hurdle near the $268 and $270 levels.
  • There is a major bullish trend line forming with support near $254 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate higher if there is a clear break above the $268 resistance zone.

Bitcoin cash price is trading in an uptrend above $255 against the US Dollar. BCH/USD is likely to clear the $270 barrier as long as it is above the $250 pivot level.

Bitcoin Cash Price Analysis

Earlier this week, bitcoin cash price extended its rise above the $260 level against the US Dollar. BCH even traded above the $265 level, but it failed to surpass the $270 resistance zone.

A high was formed near $269 before there was a sharp downside correction. It broke the $255 level and even spiked below the $250 support. However, the price bounced back above $250 and remained well above the 55 simple moving average (4-hours).

It traded above the 50% Fib retracement level of the downward move from the $269 high to $242 low. It is now trading nicely above the $255 level. There is also a major bullish trend line forming with support near $254 on the 4-hours chart of the BCH/USD pair.

On the upside, an initial resistance is near the $262 level. It is close to the 76.4% Fib retracement level of the downward move from the $269 high to $242 low.

The main resistance on the upside is near the $268 and $270 levels. If bitcoin cash price surges above the $270 level, it could extend its rise towards the $280 and $285 levels. The next major resistance is seen near the $300 level.

On the downside, the key support is near the trend line and $255. Any further losses may put the $250 support at risk. The next major support is seen near the $245 level and the 55 SMA.

Bitcoin Cash
Bitcoin Cash

Looking at the chart, bitcoin cash price is clearly trading in a positive zone above the $255 level. As long as there is no close below the $250 support, the price is likely to accelerate higher above the $270 level.

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 now well above the 50 level.

Key Support Levels – $255 and $250.

Key Resistance Levels – $262 and $270.

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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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