Bitcoin Cash Analysis: Upside Continuation Likely Above $270
Bitcoin cash price started a strong upward move and it even broke $265 against the US Dollar. BCH/USD is currently consolidating gains and it could continue to rise above $270.
Bitcoin Cash Price Analysis
This week, bitcoin cash price started a strong increase above the $250 resistance against the US Dollar. BCH price even gained pace above the $255 and $260 levels move into a positive zone.
Finally, the price surged above the $265 resistance and it settled well above the 55 simple moving average (4-hours). It traded to a new monthly high at $275 and recently started consolidating gains. There was a break below the $270 level.
However, the price is holding the $265 support, and the 23.6% Fib retracement level of the recent rally from the $238 swing low to $275 monthly high. It seems like there is likely a bullish continuation pattern forming with resistance near $272 on the 4-hours chart of the BCH/USD pair.
If there is an upside break above the $270 and $272 resistance levels, the price is likely to continue higher. The next major resistance is near the $275 level, above which the price could easily rise towards $285. Any further gains might call for a test of $300.
Conversely, there could be a downside break below the $266 and $265 support levels. The next major support is near the $256 level. It is close to the 50% Fib retracement level of the recent rally from the $238 swing low to $275 monthly high.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearing trading nicely above the $255 and $265 resistance levels. The price is likely to resume its upward move if it clears the $272 and $275 resistance levels in the near term.
4 hours MACD – The MACD for BCH/USD is showing many positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level.
Key Support Levels – $265 and $256.
Key Resistance Levels – $272 and $275.
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