Bitcoin cash price is up more than 8% and it broke the key $250 resistance. BCH seems to be outpacing BTC and it could even climb towards $275 or $300 in the near term.
- Bitcoin cash price is gaining bullish momentum and it recently broke the $250 resistance against the US Dollar.
- The price is now trading well above the $255 level and the 100 SMA (4-hours).
- There is a major bullish trend line forming with support near $246 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher towards the $275 high or even $300.
Bitcoin Cash Price Could Revisit $300
Recently, there was a strong increase in bitcoin price above the $10,000 resistance. It sparked a major surge in bitcoin cash price above the $240 and $250 resistance levels.
A strong support base was formed above $235 and the 100 simple moving average (4-hours). The recent surge was such that the price even broke the $255 pivot level.
BCH is now testing the 1.236 Fib extension level of the last key decline from the $255 swing high to $220 low. There is also a major bullish trend line forming with support near $246 on the 4-hours chart of the BCH/USD pair.
The current price action is very bullish, suggesting more gains in the near term above $265. An immediate resistance is near the $270 level. The first major resistance is near the $275 zone (the last key resistance). It is also close to the 1.618 Fib extension level of the last key decline from the $255 swing high to $220 low.
If bitcoin cash surges above the $270 and $275 resistance levels, the bulls are likely to aim a test of the $300 resistance zone. An intermediate resistance could be near the $288 level.
Dips Supported in BCH
In the short term, there could be a minor pullback in bitcoin cash from $262 or $265. On the downside, the first support is seen near the $255 level (the recent breakout zone).
The main support is now forming near the trend line and $245. Any further losses may perhaps lead the price towards the $235 support and the 100 simple moving average (4-hours).
Technical indicators
Hourly MACD – The MACD for BCH/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level, with a bullish angle.
Key Support Levels – $255 and $245.
Key Resistance Levels – $275 and $300.