Bitcoin Cash price started a big rise above the USD 350 resistance. BCH is consolidating and could aim for more gains above the USD 385 resistance.
- Bitcoin Cash price started a new increase above the $350 level.
- The price is trading above USD 365 and the 100-hour simple moving average.
- A connecting bullish trendline is forming with support at $355 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could start rising again if it breaks the $380 resistance zone.
Bitcoin Cash Price Begins New Rise
After forming a base above the $315 level, the price of Bitcoin Cash started to rise again. BCH surpassed Bitcoin and Ethereum, gaining more than 20%. There was a clear move above the USD 350 resistance zone.
The price even surpassed USD 365 and tested the USD 385 resistance zone. A high was formed near USD 385.95 and the price is now correcting gains. There was a small move below the USD 375 level. The price fell and tested the 23.6% Fib retracement level of the upward move from the $318.02 swing low to the $385.95 high.
The Bitcoin Cash price is now trading above $365 and the 100-hour simple moving average. A connecting bullish trendline is also forming with support at $355 on the hourly chart of the BCH/USD pair. The trendline is close to the 50% Fib retracement level of the upward move from the $318.02 swing low to the $385.95 high.
The immediate resistance on the upside is near the $380 level. A clear move above the USD 380 resistance could trigger a significant upside. The next major resistance is at USD 385, above which the price could accelerate higher towards the USD 400 level. Any further gains could lead the price towards the USD 420 resistance zone.
New drop in BCH?
If the Bitcoin Cash price fails to clear the USD 380 resistance, it could trigger another decline. The initial downside support is near the USD 365 level. The next major support is near the $355 level or trendline.
If the price fails to hold above the USD 355 support, the price could test the USD 340 support. Any further losses could push the price towards the $332 zone in the short term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key support levels – USD 365 and USD 355.
Key resistance levels – $380 and $385.
