Bitcoin Cash price rose over 10% and broke the USD 245 resistance. BCH is now facing strong resistance near the $255 zone.
- Bitcoin Cash price started a new increase above the USD 232 resistance.
- The price is trading above $245 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance around $225 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
- The pair could continue to rise if it crosses the $255 resistance zone.
Bitcoin Cash price rises above $250
After forming a base above the $220 level, the price of Bitcoin Cash started to rise steadily. It broke the USD 225 resistance to enter a positive zone like Bitcoin and Ethereum.
There was a break above a key bearish trendline with resistance around $225 on the 4-hour chart of the BCH/USD pair. There was a strong rise above the USD 232 and USD 245 resistance levels. The price is up over 10% and is now testing the USD 255 resistance.
BCH is now showing positive signals above $245 and the 100 simple moving average (4-hours). It is also above the 23.6% Fib retracement level of the upward move from the $219 swing low to the $255 high.
Source: BCH/USD on TradingView.com
The price is now struggling to break the USD 255 resistance. To continue higher, the price must break above $255. The next major resistance is near USD 265, above which the price could accelerate higher towards the USD 280 level. Any further gains could lead the price towards the USD 300 resistance zone.
New drop in BCH?
If the Bitcoin Cash price fails to clear the USD 255 resistance, it could trigger another decline. The initial downside support is near the $245 level.
The next major support is near the $232 level or the 61.8% Fib retracement level of the upward move from the $219 swing low to the $255 high, where the bulls are likely to emerge. If the price fails to hold above the USD 232 support, the price could test the USD 225 support. Any further losses could push the price towards the $220 zone in the short term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently in the overbought zone.
Key support levels – USD 245 and USD 232.
Key resistance levels – $255 and $265.