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Bitcoin Cash Analysis: Rally Could Gather Momentum Above $330

Summary:
Bitcoin cash price started a fresh increase above the 0 resistance against the US Dollar.The price surged towards the 0 resistance and settled well above the 55 simple moving average (4-hours).There is a key bullish trend line forming with support near 2 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).The pair could continue to rise as long as it is above the 0 support zone in the near term.Bitcoin cash price started a strong increase above 0 against the US Dollar, similar to bitcoin. BCH/USD is likely to accelerate its rise once it clears the 0 resistance.Bitcoin Cash Price AnalysisAfter forming a support base near the 5 level, bitcoin cash price started a fresh increase. BCH price broke many hurdles near 5 and 0 to move into a positive

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  • Bitcoin cash price started a fresh increase above the $280 resistance against the US Dollar.
  • The price surged towards the $330 resistance and settled well above the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $302 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to rise as long as it is above the $300 support zone in the near term.

Bitcoin cash price started a strong increase above $300 against the US Dollar, similar to bitcoin. BCH/USD is likely to accelerate its rise once it clears the $330 resistance.

Bitcoin Cash Price Analysis

After forming a support base near the $255 level, bitcoin cash price started a fresh increase. BCH price broke many hurdles near $275 and $280 to move into a positive zone.

The upward move gained pace above the $300 level and the 55 simple moving average (4-hours). There was a break above a couple if important bearish trend lines at $280 on the 4-hours chart of the BCH/USD pair.

The pair rallied further above $300 and it spiked above $320. However, the bears were able to protect the $330 resistance. A high is formed near $331 and the price is currently consolidating gains. It corrected below the $320 and $315 levels.

There was a break below the 23.6% Fib retracement level of the recent wave from the $256 low to $331 high. However, the price is now holding the $305 and $300 support levels.

There is also a key bullish trend line forming with support near $302 on the same chart. The next major support is near the $295 level. It is close to the 50% Fib retracement level of the recent wave from the $256 low to $331 high.

On the upside, the price is facing a major hurdle near the $330 level. A clear break above the $330 resistance zone could open the doors for a larger increase in the coming sessions. The next major resistance is near the $350 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly holding gains above $300 and the 55 SMA (H4). Overall, the price could continue to rise as long as it is above the $300 support zone in the near term.

Technical indicators

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

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

Key Support Levels – $305 and $300.

Key Resistance Levels – $330 and $350.

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