Categories: Bitcoin Latest News

Bitcoin Cash Price Could Restart Rally To $300 If It Breaks This Resistance

Bitcoin Cash price started a downside correction and tested $230 against the US Dollar. BCH might aim a fresh rally toward the $280 and $300 levels.

Bitcoin cash price is consolidating above the $230 level against the US Dollar.
The price is trading below $255 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $242 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to accelerate higher if it clears $255 and $265.

Bitcoin Cash Price Prepares For The Next Move

After a strong rally, Bitcoin Cash price faced sellers near the $300 zone. BCH traded as high as $294 and started a downside correction, like Bitcoin and Ethereum. There was a move below the $280 pivot level.

The price even declined below $255 before the bulls appeared near $230. A low is formed near $232 and the price is now slowly moving higher. There was a break above a key bearish trend line with resistance near $242 on the 4-hour chart of the BCH/USD pair.

The pair cleared the 23.6% Fib retracement level of the downward move from the $294 high to the $232 low. Bitcoin Cash is now trading below $265 and the 100 simple moving average (4 hours).

Immediate resistance is near the $255 level. The next major resistance is near $265 or the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $294 high to the $232 low.

Source: BCH/USD on TradingView.com

Any further gains could lead the price toward the $280 and $285 resistance levels in the near term. The next major hurdle is near the $300 level.

Dips Supported in BCH?

If Bitcoin Cash price fails to clear the $255 resistance, it could start a fresh decline. Initial support on the downside is near the $240 level.

The next major support is near the $232 level, where the bulls are likely to appear. If the price fails to stay above the $232 support, the price could test the $220 support. Any further losses could lead the price toward the $200 handle in the near term.

Technical indicators

4-hour MACD – The MACD for BCH/USD is gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Key Support Levels – $240 and $232.

Key Resistance Levels – $255 and $265.

[#item_full_content]NewsBTCRead More
AddThis Website Tools

Recent Posts

Bitlayer’s BitVM Bridge Debuts Its Mainnet, Offers Trust-Minimized Bitcoin DeFi

Bitlayer's BitVM Bridge launched its mainnet on Wednesday, enabling bitcoin (BTC) liquidity for decentralized finance…

8 minutes ago

Bitcoin Falls Below $117,000 Amid $3.5 Billion Profit-Taking Frenzy

The Bitcoin price has slipped under  $117,000 as on-chain data shows the network has observed…

8 minutes ago

Ether Races 6% Against Bitcoin as GENUIS Act Puts Spotlight on Yield-Bearing Stablecoins: Analyst

Ethereum's native token ether (ETH), is gaining ground against bitcoin (BTC), as the impending GENUIS…

1 hour ago

Ether, Dogecoin Lead Modest Market Gains, Bitcoin Holds $118K as CPI Print Fuels Rate Cut Bets

Bitcoin (BTC) hovered near $118,000 during the Asian trading hours on Wednesday, consolidating gains after…

2 hours ago

Dormant Bitcoin Wallet Moves $1.2B in BTC: Is A Major Sell-Off Coming?

Bitcoin’s recent price momentum has encountered a pause following the latest US Consumer Price Index…

2 hours ago

Bitcoin Profit-Taking Spikes Without Price Drop – Strong Demand Or Delayed Reaction?

Bitcoin’s (BTC) on-chain activity has accelerated over the past few days, with the leading cryptocurrency…

3 hours ago