HomeAltcoin NewsBitcoin Cash Analysis: Upside Continuation Likely Above $270

Bitcoin Cash Analysis: Upside Continuation Likely Above $270

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  • Bitcoin cash price rallied and gained pace above the $250 and $265 resistance levels against the US Dollar.
  • The price traded to a new monthly high at $275 and it is well above the 55 simple moving average (4-hours).
  • There is likely a bullish continuation pattern forming with resistance near $272 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to resume its upward move if it clears the $272 and $275 resistance levels.

Bitcoin cash price started a strong upward move and it even broke $265 against the US Dollar. BCH/USD is currently consolidating gains and it could continue to rise above $270.

Bitcoin Cash Price Analysis

This week, bitcoin cash price started a strong increase above the $250 resistance against the US Dollar. BCH price even gained pace above the $255 and $260 levels move into a positive zone.

Finally, the price surged above the $265 resistance and it settled well above the 55 simple moving average (4-hours). It traded to a new monthly high at $275 and recently started consolidating gains. There was a break below the $270 level.

However, the price is holding the $265 support, and the 23.6% Fib retracement level of the recent rally from the $238 swing low to $275 monthly high. It seems like there is likely a bullish continuation pattern forming with resistance near $272 on the 4-hours chart of the BCH/USD pair.

If there is an upside break above the $270 and $272 resistance levels, the price is likely to continue higher. The next major resistance is near the $275 level, above which the price could easily rise towards $285. Any further gains might call for a test of $300.

Conversely, there could be a downside break below the $266 and $265 support levels. The next major support is near the $256 level. It is close to the 50% Fib retracement level of the recent rally from the $238 swing low to $275 monthly high.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearing trading nicely above the $255 and $265 resistance levels. The price is likely to resume its upward move if it clears the $272 and $275 resistance levels in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is showing many positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level.

Key Support Levels – $265 and $256.

Key Resistance Levels – $272 and $275.

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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