Bitcoin cash price is gaining bullish momentum above the 2 resistance against the US Dollar.The price is likely to accelerate higher towards the 8 and 0 resistance levels.There was a break above a crucial bearish trend line with resistance near 4 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair could correct a few points, but dips remain well supported near 2 and 0.Bitcoin cash price is trading in a nice uptrend above 0 against the US Dollar. BCH/USD is likely to continue higher towards the 0 level or 0 barrier in the near term.Bitcoin Cash Price AnalysisEarlier this week, there was a downside correction in bitcoin cash price below the 0 support against the US Dollar. However, BCH price remained well bid near 8 and 0.As a
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Bitcoin cash price is gaining bullish momentum above the $232 resistance against the US Dollar.
- The price is likely to accelerate higher towards the $258 and $260 resistance levels.
- There was a break above a crucial bearish trend line with resistance near $234 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could correct a few points, but dips remain well supported near $232 and $230.
Bitcoin cash price is trading in a nice uptrend above $230 against the US Dollar. BCH/USD is likely to continue higher towards the $260 level or $280 barrier in the near term.
Bitcoin Cash Price Analysis
Earlier this week, there was a downside correction in bitcoin cash price below the $230 support against the US Dollar. However, BCH price remained well bid near $218 and $220.
As a result, there was a fresh increase and the price recovered above the $225 and $230 levels. Besides, there was a close above the $230 pivot level and the 55 simple moving average (4-hours).
There was also a break above a crucial bearish trend line with resistance near $234 on the 4-hours chart of the BCH/USD pair. The pair spiked above the 76.4% Fib retracement level of the downward move from the $249 high to $215 low.
It seems like the $245 level is still acting as a resistance. A clear break above the $245 level could push the bitcoin cash price further higher. The next key resistance is near the $258 and $260 levels.
The 1.236 Fib extension level of the downward move from the $249 high to $215 low is also near the $258 level. Any further gains could open the doors for a larger rally towards the $280 level or the 1.618 Fib extension level of the same downward move at $270.
Conversely, there might be a short term downside correction from $245. On the downside, the previous hurdles near the $232 and $230 levels are likely to act as strong supports. Any further losses could lead the price towards the $218 support zone.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly showing many bullish signs above the $230 level. Though, the bulls need to gain momentum above $245 for a push towards the $258 and $260 levels.
Technical indicators
4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.
Key Support Levels – $230 and $218.
Key Resistance Levels – $245 and $260.