Bitcoin Cash Price Surges Above $250
Bitcoin Cash price has experienced a significant rally after breaking through key resistance levels. The price surpassed the $225 resistance and entered a positive zone, following the upward trend of Bitcoin and Ethereum.
The BCH/USD pair on the 4-hour chart also witnessed a break above a bearish trend line with resistance around $225. This breakout was followed by a strong increase above the $232 and $245 resistance levels. Currently, the price is testing the $255 resistance, representing a gain of over 10%.
BCH is exhibiting positive signs as it trades above $245 and the 100 simple moving average (4 hours). Additionally, it has surpassed the 23.6% Fibonacci retracement level of its upward move from the $219 swing low to the $255 high.
Source: BCH/USD on TradingView.com
The current hurdle for BCH is clearing the $255 resistance. To continue its upward movement, the price must settle above this level. The next major resistance lies near $265, which could lead to further acceleration towards the $280 level. If bullish momentum persists, there is potential for the price to reach the $300 resistance zone.
Possible Decline in BCH?
If Bitcoin Cash fails to surpass the $255 resistance, a fresh decline may occur. Initial support can be found near the $245 level.
Moreover, there is significant support near the $232 level or the 61.8% Fibonacci retracement level of its recent upward move. Bulls are likely to appear at these levels. However, if the price fails to hold above $232, it may test the $225 support. Further losses could lead to a drop towards the $220 zone in the near future.
Technical Indicators
The 4-hour MACD for BCH/USD is gaining momentum in the bullish zone, indicating positive market conditions. Additionally, the 4-hour RSI (Relative Strength Index) is currently in the overbought zone.
Key Support and Resistance Levels
Key support levels for Bitcoin Cash are at $245 and $232, while key resistance levels are at $255 and $265.
Hot Take: Bitcoin Cash Price Surges as Bulls Take Control
The recent surge in Bitcoin Cash price demonstrates a shift in market sentiment as bulls take control. Breaking through key resistance levels has propelled BCH into a positive zone, alongside other leading cryptocurrencies like Bitcoin and Ethereum. The current challenge lies in surpassing the $255 resistance, which will determine whether BCH can sustain its upward momentum. However, if the price fails to overcome this hurdle, a decline may occur, with initial support at $245. Technical indicators suggest a bullish trend, with the MACD gaining pace and the RSI in overbought territory. Overall, market participants are closely watching BCH’s performance as it approaches crucial resistance levels.
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