Bitcoin Cash price rose more than 15%, breaking the $275 resistance line. BCH is currently facing strong resistance near $282.
- Bitcoin Cash price began a new surge above the $250 resistance level.
- The price is trading above $265 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BCH/USD pair (data feed from Kraken), there is a major bullish trendline forming around support at $258.
- A break above the $282 resistance zone could see the pair continue to rise.
Bitcoin Cash Price Rally Above $270
Bitcoin Cash price began a steady rise after establishing a base above the $232 level. It broke the $245 resistance to enter the same positive zone as Bitcoin and Ethereum.
It showed a strong rise above the resistance levels of $250 and $265. The price rose more than 15% and tested resistance at $282. A high was made near $283 and the price is currently correcting to the upside. There was a move below the $275 level.
The price tested the 23.6% Fib retracement level rising from the $233 swing low to the $283 high. BCH is currently showing positive signs above $260 and the 100 simple moving average (4-hours).
Source: BCH/USD on TradingView.com
There is also a major bullish trend line forming with support at $258 on the 4-hours chart of the BCH/USD pair. If there is another increase, the price may face resistance near $275. To continue rising, the price must stabilize above $282. The next major resistance is near $292, above which the price may move higher towards the $300 level. Any further gains could lead the price towards the $320 resistance zone.
Fresh decline in BCH?
If the Bitcoin Cash price fails to clear the $275 resistance, it could begin a new downtrend. Initial support for the downside is near the $265 level.
The next major support is near the $258 level or the trend line. This is close to the 50% Fib retracement level of the upward move from the $233 swing low to the $283 high. A bull is likely to appear here. If the price fails to stay above the $258 support, the price may test the $245 support. Any further losses could lead the price towards the $232 area in the near term.
technical indicators
4-Hour MACD – The MACD for BCH/USD is losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – RSI is currently in an overbought zone.
Key support levels – $265 and $258.
Key resistance levels – $275 and $282.
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