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Home»EXCHANGE NEWS»Signs of a new BCH rally ahead
EXCHANGE NEWS

Signs of a new BCH rally ahead

By Crypto FlexsFebruary 12, 20243 Mins Read
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Signs of a new BCH rally ahead
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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