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.
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Filed under: Bitcoin - @ June 27, 2023 2:09 pm