Bitcoin Cash Price Surges 200% But Can The Bulls Push BCH Further Higher?

Key Takeaways:

• Bitcoin Cash price rallied over 200% and broke the $200 resistance.
• BCH/USD broke a major bearish trend line with resistance near $110 on the daily chart.
• The price broke many important hurdles on the weekly timeframe and might rise further.

BCH Price Prediction | Photo by Andy Hermawan on Unsplash

New Delhi(CoinChapter.com): Bitcoin Cash price is up over 200% in a matter of days and trading above $200. BCH/USD could correct but there are chances of more upsides toward $270.

Bitcoin Cash Price Rallies Significantly

In the past few days, Bitcoin Cash price saw a strong increase from the $100 zone. The BCH/USD pair rallied above the $120 resistance and the 50-day simple moving average (blue).

The price broke a major bearish trend line with resistance near $110 on the daily chart to move into a positive zone. More importantly, the price broke a multi-week resistance near $150 to start a steady uptrend.

Bitcoin Cash price daily chart | Source: BCHUSD on TradingView.com

The price is up over 200% and there was a break above the $200 resistance. BCH outperformed both Bitcoin and Ethereum to set a larger increase. A multi-week high is formed near $235 and the price is now consolidating gains.

The current price action is very bullish, but indicators point to uptrend exhaustion. If there is a downside correction, the price might find bids near the $200 level. It is close to the 23.6% Fib retracement level of the recent rally from the $90.90 swing low to the $235.68 high.

If Bitcoin Cash price declines below the $200 support, there is a risk of a drop toward the $160 support zone or the 50% Fib retracement level of the recent rally from the $90.90 swing low to the $235.68 high.

Conversely, Bitcoin Cash price might continue to move up above the $235 resistance. The next key resistance is near the $250 zone, above which the price could accelerate higher. The next key resistance is near $275, above which the price could rise toward $300. Any more gains might even push the price toward the $350 resistance zone.

Overall, Bitcoin Cash price is clearly gaining pace above the $200 resistance and is well above the 100-day SMA. If BCH surpasses the $235 resistance, it could easily drift toward $275 or even $300 in the coming sessions. Conversely, the price might correct lower and revisit the $200 support in the near term.