Bitcoin Cash Analysis: Bulls Aim For $300 or Higher
Bitcoin cash started a strong increase above the $245 and $250 levels against the US Dollar.
The price is now trading above the $250 zone and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $250 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $285 and $290 to continue higher in the near term.
Bitcoin cash price is climbing above $260 against the US Dollar, like Bitcoin. BCH/USD could accelerate higher if it clears the $285 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $230 level. BCH started a decent increase and was able to clear the $250 resistance zone.
The price climbed above the $260 and $270 resistance levels. It even spiked above $285 and traded as high as $289.48. It is now trading above the $250 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.
On the upside, the price is facing resistance near the $285 level. The next major resistance is near the $290 level, above which the price may perhaps rise toward the $300 level. Any more gains above $300 could set the pace for a move toward the $320 level.
Immediate support on the downside is near the $262 level or the 50% Fib retracement level of the upward move from the $233 swing low to the $289 high. The first major support sits near the $255 level.
It is close to the 61.8% Fib retracement level of the upward move from the $233 swing low to the $289 high. The next support is near the $245 zone, below which the bears might aim for $230. The next target for them may perhaps be near the $220 level in the coming days.
Looking at the chart, Bitcoin cash price is now trading above the $250 zone and the 55 simple moving average (4 hours). Overall, the price must clear $285 and $290 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $260 and $255.
Key Resistance Levels – $285 and $290.
The post Bitcoin Cash Analysis: Bulls Aim For $300 or Higher appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ January 12, 2024 3:18 am