Key Takeaways:
- Bitcoin Cash price is moving higher from the $202 support.
- BCH/USD broke a key bearish trend line with resistance near $206 on the 4-hour chart.
- The price could start a fresh rally if it clears $214 and $216.
NEW DELHI (CoinChapter.com) — Bitcoin Cash price is holding gains above $210. BCH/USD could start a fresh bullish streak if it clears the $214 and $216 resistance levels.
Bitcoin Cash Price Eyes Steady Increase
After a strong increase, Bitcoin Cash price struggled to clear the $225 resistance zone. The Bulls made more than two attempts, but they failed. As a result, there was a downside correction below the $215 level and the 50 simple moving average (blue, 4-hour).
BCH/USD found support just above the $200 handle and traded as low as $202. Recently, it started a fresh increase, outperforming both Bitcoin and Ethereum. There was a clear move above the $210 resistance and the 50 simple moving average (blue, 4-hour).
Bitcoin Cash broke a key bearish trend line with resistance near $206 on the 4-hour chart during the increase. There was a clear move above the $210 level. The price faces resistance near the 50% Fib retracement level of the downside correction from the $225 swing high to the $202 low at $214.
If BCH remains stable above the $210 support, it could start another rally. The next major resistance is near the $216 zone or the 61.8% Fib retracement level of the downside correction from the $225 swing high to the $202 low.
A close above the $216 zone could send Bitcoin Cash price toward the $225 resistance zone, above which the price could accelerate higher. The next key resistance is near $242. Any more gains might push the price toward the $250 resistance zone.
Another Bearish Reaction in BCH?
Conversely, Bitcoin Cash price might start a fresh decline from the $214 resistance. Immediate support is near the $208 level. The first major support is near $202, below which the price could test $194 or even $182 in the coming days.
The Bitcoin Cash price is increasing above the $210 level and the 100 SMA. If BCH clears the $214 and $216 resistance levels, it could revisit the $225 resistance or even $242 in the coming sessions. Conversely, the price might be lower and test the $202 support.
