Bitcoin Cash’s price has started to rise above $350. BCH has been consolidating, and could aim to gain more above the $385 barrier.
- Bitcoin cash prices started an increase over $350.
- The price has traded above $365, and is now trading higher than the 100 hour simple moving average.
- On the hourly chart for the pair BCH/USD, there is a bullish trendline connecting with the support of $355 (data from Kraken).
- A new increase could be initiated if the pair breaks through $380.
Bitcoin Cash Prices Start a New Surge
Bitcoin Cash’s price began a new rise after forming a strong base at $315. BCH outpaced Bitcoin The following are some examples of how to get started: Ethereum To gain more than 20%. The $350 zone of resistance was clearly moved above.
Even though the price was above $365 it still tested resistance at $385. Price is correcting its gains now that a new high has been formed at $385.95. A minor movement was made below $375. The price dropped and tried to test the 23,6% Fib Retracement Level of the upward movement from the swing low at $318.02 up until the high of $385.95.
Bitcoin cash’s price has now risen above the $100-hour simple moving avg. and is trading over $365. On the hourly chart for the BCH/USD, a bullish connecting trend line is forming. Support at $355. This trendline is near the Fib 50% retracement of the move upward from the swing low at $318.02 to the high at $385.95.
Near the level of $380, there is immediate upward resistance. The price could rise if it breaks through the resistance at $380. Next major resistance will be $385. If the price is able to break through this level, it could move higher towards $400. Further gains may push the price towards the $420 zone of resistance.
BCH: Fresh Drop of BCH?
Bitcoin Cash’s price could fall if the resistance level of $380 is not overcome. The initial support for the downside lies near $365. Near the $355 support level, or the trendline, is the next significant support.
The price may test $340 if it fails to hold above $355. Further losses may lead to the price heading towards $332 in the near future.
Tech indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key Support Levels – $365 and $355.
Key Resistance Levels – $380 and $385.
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Source: www.newsbtc.com
