Key Takeaways:
- Bitcoin Cash’s price extended its rally toward $325 before it corrected lower.
- BCH/USD faces a key bearish trend line with resistance near $280 on the 4-hour chart.
- The price could start a fresh rally if it clears $280 and $300.
NEW DELHI (CoinChapter.com) — Bitcoin Cash price is correcting gains from $328 and testing important support. BCH/USD could correct further if it drops below $270.
Bitcoin Cash Price Holds Support
The last Bitcoin Cash price analysis showed a strong increase above the $150 resistance zone. The BCH/USD pair extended its rally above the $250 resistance and settled well above the 50 simple moving average (blue, 4-hour).
The price surged above the $300 barrier, outperforming Bitcoin and Ethereum. It traded to a new multi-week high at $328.95 before the bears appeared. Recently, there was a downside correction below the $300 level. The price traded below a connecting bullish trend line with support at $280 on the 4-hour chart.
The bulls are now protecting major support at $270 and the 50 simple moving average (blue, 4-hour). BCH is also testing the 23.6% Fib retracement level of the upward move from the $90.90 swing low to the $328.95 high.
If Bitcoin Cash remains stable above the $270 support, it could start another rally. Immediate resistance is near $280. There is also a key bearish trend line with resistance near $280.
The next major resistance is near the $300 zone, above which the price could accelerate higher. The next key resistance is near $325, above which the price could rise toward $340. Any more gains might even push the price toward the $350 resistance zone.
More Downsides?
Conversely, Bitcoin Cash’s price might continue to rise below the $270 support. Immediate support is near the $260 level. The first major support is near $238, below which the price could test $210 or the 50% Fib retracement level of the upward move from the $90.90 swing low to the $328.95 high.
Overall, Bitcoin Cash price is holding an important support near $270 and 100 SMA. If BCH clears the $280 and $300 resistance levels, it could revisit the $325 resistance or even $340 in the coming sessions. Conversely, the price might correct lower and test the $210 support soon.
hi there and thank you for your information – I have certainly picked up anything new from right here. I did however expertise some technical issues using this web site, since I experienced to reload the web site many times previous to I could get it to load properly. I had been wondering if your hosting is OK? Not that I’m complaining, but slow loading instances times will sometimes affect your placement in google and can damage your quality score if ads and marketing with Adwords. Well I’m adding this RSS to my e-mail and could look out for a lot more of your respective intriguing content. Make sure you update this again very soon..
Believed provoking, and that i will need to think about this more.. bookmarked. Aspire to observe an update quickly!
… [Trackback]
[…] Find More Information here on that Topic: coinchapter.com/bitcoin-cash-price-tests-key-uptrend-support-can-bch-start-fresh-rally/ […]
… [Trackback]
[…] Read More on that Topic: coinchapter.com/bitcoin-cash-price-tests-key-uptrend-support-can-bch-start-fresh-rally/ […]