- Bitcoin cash is eyeing a fresh increase above the $320 resistance against the US Dollar.
- The price is now trading above the $300 zone and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support at $304 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $315 and $320 to start a fresh increase in the near term.
Bitcoin cash price is consolidating gains above $300 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $320 level.
Bitcoin Cash Price Analysis
Bitcoin cash price started a pullback from the $325 zone. BCH traded below the $320 and $315 support levels before the bulls appeared.
A low was formed near $291 before the price started a decent upward move. There was a move above the $298 and $300 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $323 swing high to the $291 low.
Bitcoin cash is now trading above the $305 zone and the 55 simple moving average (4 hours). There is also a key rising channel forming with support at $304 on the 4-hour chart of the BCH/USD pair.
On the upside, the price is facing resistance near the $315 level or the 76.4% Fib retracement level of the downward move from the $323 swing high to the $291 low. The first key resistance is near $320. The next major resistance is near $325, above which the price may perhaps gain bullish momentum.
The next major resistance is near the $340 level. Any more gains above $340 could set the pace for a move toward the $350 level or even $365. If not, the price might start another decline.
Immediate support on the downside is near the $304 level. The first major support sits near the $300 level. The next major support is near $288 below which the bears might aim for the 55 simple moving average (4 hours) at $280.
Looking at the chart, Bitcoin Cash’s price is now trading above the $300 zone and the 55 simple moving average (4 hours). Overall, the price must clear $315 and $320 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 – $304 and $300.
Key Resistance Levels – $315 and $320.