- Bitcoin cash is eyeing a fresh increase above the $300 resistance against the US Dollar.
- The price is now trading near the $275 zone and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $285 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $285 and $300 to start a fresh increase in the near term.
Bitcoin cash price is consolidating gains above $265 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $285 level.
Bitcoin Cash Price Analysis
Bitcoin cash price started a downside correction after it failed to clear the $330 zone. BCH formed a high near $329 before there was a bearish move.
The price declined below the $310 and $300 levels. There was a break below the 50% Fib retracement level of the upward move from the $186 swing low to the $329 high. However, the bulls are protecting more losses below the $250 support zone.
Bitcoin cash is now trading near the $275 zone and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $285 level. There is also a major bearish trend line forming with resistance near $285 on the 4-hour chart of the BCH/USD pair.
The next major resistance is near $300, above which the price may perhaps start a strong increase. The next major resistance is near the $330 level. Any more gains above $330 could set the pace for a move toward the $350 level.
If not, the price might continue to move down. Immediate support on the downside is near the $255 level. The first major support sits near the $240 level or the 61.8% Fib retracement level of the upward move from the $186 swing low to the $329 high. The next major support is near $220, below which the bears might aim for $200.
Looking at the chart, Bitcoin Cash’s price is now trading near the $275 zone and the 55 simple moving average (4 hours). Overall, the price must clear $285 and $300 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is just below the 50 level.
Key Support Levels – $255 and $240.
Key Resistance Levels – $285 and $300.