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- 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
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.