Bitcoin Cash Price Gains Momentum Above Key Levels
The price of Bitcoin Cash has been showing positive signs as it trades above the $180 level against the US Dollar. Although it is currently below $200 and the 100 simple moving average (4 hours), there have been some notable developments.
Break Above Bearish Trend Line:
On the 4-hour chart of the BCH/USD pair, there was a breakthrough of a major bearish trend line with resistance near $189. This indicates a potential acceleration in price if it manages to clear the $197 and $200 levels.
Testing Key Resistance Levels:
Bitcoin Cash is currently testing the 23.6% Fib retracement level of the downward move from the $238 swing high to the $180 low. The immediate resistance lies near the $197 level and the 100 simple moving average (4 hours), followed by the $205 level.
Possible Price Targets:
If there are further gains, the price could move towards the $220 and $225 resistance levels in the near term. The next major hurdle lies near the $240 level.
Key Support Levels and Potential Dips
In case the price fails to clear the $205 resistance, a fresh decline may occur. The initial support on the downside is near the $185 level, followed by the key support level at $180. If the price falls below this support, it could test the $168 level. Further losses may lead to the price reaching the $150 zone in the near term.
Technical Indicators:
The 4-hour MACD for BCH/USD is gaining momentum in the bullish zone, while the 4-hour RSI (Relative Strength Index) is currently above the 50 level.
Key Levels to Watch:
Key support levels to watch are at $185 and $180, while key resistance levels to keep an eye on are at $197 and $205.
Source: BCH/USD on TradingView.com
Hot Take: Bitcoin Cash Price Shows Promising Signs, but Challenges Remain Ahead
The price of Bitcoin Cash has been displaying positive signs recently, as it maintains levels above $180 against the US Dollar. Despite trading below $200 and the 100 simple moving average (4 hours), there have been some encouraging developments.
A major bearish trend line was broken, implying a potential upward surge if the price surpasses the levels of $197 and $200. However, there are key resistance levels to overcome, including $205 and the 50% Fib retracement level of the downward movement from the $238 swing high to the $180 low.
While further gains could lead to the price reaching $220 and $225, the $240 level poses a significant challenge. On the other hand, failure to clear the $205 resistance may result in a fresh decline, with support levels at $185 and $180. Technical indicators show positive momentum, but vigilance is necessary to monitor potential dips.
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