Bitcoin Cash Analysis: Chances Of Fresh Increase Above $300
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Bitcoin Cash Analysis: Chances of Fresh Increase above $300

Bitcoin cash price started a fresh decline from the $320 resistance against the US Dollar. The price is now trading near the $300 zone and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near $290 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).

The post Bitcoin Cash Analysis: Chances of Fresh Increase above $300 appeared first on Live Bitcoin News.

  • Bitcoin cash price started a fresh decline from the $320 resistance against the US Dollar.
  • The price is now trading near the $300 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $290 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to move down if there is a break below the $290 support in the near term.

Bitcoin cash price is struggling below $320 against the US Dollar, similar to bitcoin. BCH/USD must stay above $290 to avoid more downsides in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price attempted an upside break above the $319 and $320 resistance levels. However, BCH struggled near the $320 zone and declined sharply.

There was a clear move below the $300 level and the 55 simple moving average (4-hours). The price traded as low as $277 and recently started a fresh increase. There was a move above the $280 and $285 resistance levels. It even climbed above the 50% Fib retracement level of the recent decline from the $318 swing high to $277 low.

However, the bears are active near the $300 zone. The price also failed to gain pace above the 61.8% Fib retracement level of the recent decline from the $318 swing high to $277 low.

The next major resistance is near the $305 level. A clear break above $300 and $305 might start a fresh increase. In the stated case, the price could rise towards the $320 resistance zone. The next major hurdle is near the $340 level.

If there is no upside break, the price might decline below the $290 support. There is also a key bullish trend line forming with support near $290 on the 4-hours chart of the BCH/USD pair.

The next major support is near the $275 level, below which the bears gain strength. The next target for them may perhaps be near the $250 level.

On the upside, the price is now facing resistance near the $300 resistance and the 55 simple moving average (4-hours). The next major resistance is near the $320 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading near the $300 zone and the 55 simple moving average (4-hours). Overall, the price could continue to move down if there is a break below the $290 support in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now near the 50 level.

Key Support Levels – $290 and $275.

Key Resistance Levels – $300 and $320.

The post Bitcoin Cash Analysis: Chances of Fresh Increase above $300 appeared first on Live Bitcoin News.

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