Bitcoin Cash Price Surges Above $270
Bitcoin Cash price has experienced a significant surge, surpassing the $250 resistance level. The price is currently trading above $265 and the 100 simple moving average (4 hours). On the 4-hour chart of the BCH/USD pair, a bullish trend line is forming with support at $258.
Fresh Drop in BCH?
If Bitcoin Cash price fails to break the $275 resistance, there could be a potential decline. The initial support level on the downside is around $265. The next major support level is near $258 or the trend line. If the price drops below this support, it may test the $245 support level.
Technical indicators show that the MACD for BCH/USD is losing momentum in the bullish zone, and the RSI is currently in the overbought zone.
Hot Take: Bitcoin Cash Faces Resistance at $282
The recent surge in Bitcoin Cash price has brought it closer to a significant resistance zone at $282. If the price manages to clear this resistance, it could continue its upward movement towards the next major resistance level at $292. However, if the price fails to break through $275 and starts to decline, it may find support at $265 and $258. It will be crucial for Bitcoin Cash to maintain these support levels in order to avoid further losses.
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