Key Takeaways:
- Bitcoin Cash price started a steady increase from the $208 support.
- BCH/USD broke a key bearish trend line with resistance near $214 on the 4-hour chart.
- The price could start a fresh rally toward the $242 and $250 resistance levels.
NEW DELHI (CoinChapter.com) — Bitcoin Cash price remained well-bid above $205. BCH/USD formed a base above $210 and started a fresh increase above the $215 resistance.
Bitcoin Cash Price Regains Traction
After a major decline, Bitcoin Cash’s price found support near the $208 zone. The bulls were active above $205 and protected more downsides. A low was formed near $206.81 before the price started a consolidation phase.
There were range moves above $210, and the price started a fresh increase. There was a break above the $215 resistance and the 50 simple moving average (blue, 4-hour). BCH’s price broke a key bearish trend line with resistance near $214 on the 4-hour chart.
Today, Bitcoin also managed to recover over 2.5% above the $27,500 resistance. The ongoing Israel-Hamas conflict is sparking swing moves in the market. Recently, Israel Prime Minister Benjamin Netanyahu’s office said:
“At the moment, there is no ceasefire for humanitarian aid in the Gaza Strip and the exit of foreigners.”
Bitcoin cash is also gaining pace, like BTC, up over 5%. It surpassed the 23.6% Fib retracement level of the downward move from the $255 swing high to the $207 low.
It seems like BCH is now consolidating gains near the $225 level. Immediate resistance is near the $232 level. It is close to the 50% Fib retracement level of the downward move from the $255 swing high to the $207 low.
A clear move above the $232 resistance could send Bitcoin Cash higher toward the $245 resistance. The next major resistance is near the $250 zone, above which the price could increase to $265. Any more gains might push the price toward the $280 resistance zone.
Another Drop in BCH?
Conversely, Bitcoin Cash price might struggle to clear the $232 resistance zone. In the stated case, there might be a downside correction. Immediate support is near the channel region at $220.
The first major support is near $218 and the 50 simple moving average (blue, 4-hour). Below this, the price could be $218 or even $208 in the coming days.
Bitcoin Cash’s price is increasing above the $220 level and the 100 SMA. If BCH clears the $225 and $232 resistance levels, it could revisit the $250 resistance or even $265 in the coming days. Conversely, the price might be lower and test the $218 support.
