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HomeAltcoin NewsBitcoin Cash (BCH) Looks Set To Climb Above $300 In Near Term

Bitcoin Cash (BCH) Looks Set To Climb Above $300 In Near Term

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  • Bitcoin cash price rallied towards the $310 level and later corrected lower against the US Dollar.
  • The price remains well supported on the downside near the $280 and $275 levels.
  • There is a major breakout pattern in place with resistance near $290 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to start a fresh increase as long as it is above the key $275 support area.

Bitcoin cash price is consolidating above the $275 support against the US Dollar. BCH is likely to climb sharply higher once it settles above the $295 resistance level.

Bitcoin Cash Price Analysis

This past week, there was a strong rise in bitcoin cash price above the $280 and $290 levels against the US Dollar. The BCH/USD pair even broke the $300 resistance level and the 55 simple moving average (4-hours). It traded close to the $310 level and recently started a downside correction. It broke the $300 and $294 support levels to enter a short-term bearish zone. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $228 swing low to $309 high.

However, the decline was protected by the $270 support area and the 55 simple moving average (4-hours). Moreover, the 50% Fib retracement level of the last wave from the $228 swing low to $309 high acted as a strong support. The price bounced back and it is currently trading above the $280 level and the 55 SMA. More importantly, there is a major breakout pattern in place with resistance near $290 on the 4-hours chart of the BCH/USD pair.

The pair is currently trading just above the triangle resistance at $290. Once it gains pace above the $292 level and the $295 resistance, there could be strong gains. The next key resistance is near the $300 level, where sellers may emerge. Above $300, the price may even break the $310 level in the near term.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly attempting a bullish break above $292 and $295. Conversely, if there is a downside correction, the price may find bids near the $280 support. The main buy zone could be $275, below which the price could retest $268. Any further losses might trigger a bearish wave in BCH below the $250 support level in the coming days.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level and is moving higher.

Key Support Levels – $280 and $275.

Key Resistance Levels – $295 and $300.

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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