Bitcoin cash is eyeing a fresh increase above the 0 resistance against the US Dollar. The price is now trading above the 0 zone and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near 0 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase). The pair must clear 0 and 8 to start a fresh increase in the near term. Bitcoin cash price is consolidating gains above 0 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the 0 level. Bitcoin Cash Price Analysis Bitcoin cash price started a major decline below the 0 support zone. BCH traded below the 0 and 0 support levels before the bulls appeared. A low was formed near 8 before the
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Bitcoin cash is eyeing a fresh increase above the $250 resistance against the US Dollar.
- The price is now trading above the $240 zone and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $240 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $250 and $258 to start a fresh increase in the near term.
Bitcoin cash price is consolidating gains above $240 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $250 level.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major decline below the $260 support zone. BCH traded below the $240 and $230 support levels before the bulls appeared.
A low was formed near $218 before the price started a decent recovery wave. There was a move above the $230 and $232 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $298 swing high to the $218 low.
There was also a break above a key bearish trend line with resistance near $240 on the 4-hour chart of the BCH/USD pair. Bitcoin cash is now trading above the $240 zone and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $250 level. The first key resistance is near $258. It is close to the 50% Fib retracement level of the downward move from the $298 swing high to the $218 low. The next major resistance is near $268, above which the price may perhaps gain bullish momentum.
The next major resistance is near the $280 level. Any more gains above $280 could set the pace for a move toward the $295 level or even $300. If not, the price might start another decline.
Immediate support on the downside is near the $238 level and the 55 simple moving average (4 hours). The first major support sits near the $232 level. The next major support is near $225, below which the bears might aim for $218.
Looking at the chart, Bitcoin Cash’s price is now trading above the $240 zone and the 55 simple moving average (4 hours). Overall, the price must clear $250 and $258 to start a fresh increase 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 – $240 and $232.
Key Resistance Levels – $250 and $258.