Bitcoin Cash price started a big rise above the USD 320 resistance. BCH is consolidating and could aim for more gains above the USD 350 resistance.
- Bitcoin Cash price started a new increase above the $330 level.
- The price is trading above USD 335 and the 100-hour simple moving average.
- A bullish flag pattern is forming with resistance at $345 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could rise again if it breaks the $350 resistance zone.
Bitcoin Cash Price Begins New Rise
After forming a base above the $305 level, Bitcoin Cash price started to rise again. BCH surpassed Bitcoin and Ethereum, gaining more than 15%. There was a clear move above the USD 320 resistance zone.
The price even surpassed USD 335 and tested the USD 350 resistance zone. A high was formed near $349.73 and the price is now correcting gains. There was a small move below the USD 345 level. The price fell below the 23.6% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.
The Bitcoin Cash price is now trading above $335 and the 100-hour simple moving average. The immediate resistance on the upside is near the $345 level. A bullish flag pattern is also forming with resistance at $345 on the hourly chart of the BCH/USD pair.
A clear move above the USD 345 resistance could trigger a significant upside. The next major resistance is near USD 350, above which the price could accelerate higher towards the USD 362 level. Any further gains could lead the price towards the USD 380 resistance zone.
New drop in BCH?
If the Bitcoin Cash price fails to clear the USD 345 resistance, it could trigger another decline. The initial downside support is near the $335 level. The next major support is near the $328 level or the 50% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.
If the price fails to hold above the USD 328 support, the price could test the USD 320 support. Any further losses could push the price towards the $305 zone in the short term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is gaining speed in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key support levels – USD 335 and USD 328.
Key resistance levels – $345 and $350.
